Good business sense to prepare for the unexpected

• Published in: Birmingham post (Birmingham, England)
• Main Author: Ridley, Nick
• Format: Newspaper Article
• Language: English
• Published: Birmingham (UK) Mirror Regional Newspapers 15.09.2011

Te physical - and therefore financial - impact on property and businesses as a result of the civil unrest in London and now other UK cities has been widely broadcast on news channels, newspapers and across the internet. The damage has prompted some searching questions from a property perspective that carry resonance for all property owners. How do you plan effectively for the unexpected and what should your priorities be when faced with a major incident such as a riot? Expect the unexpected - and be prepared It is fair to say that rioting on the streets, while not unknown, is an extremely rare occurrence. As a society, we can all draw comfort from this fact, however what it represents - 'an unexpected event' - happens with surprising frequency and it is prudent therefore to plan for these occurrences to ensure that you are ready and know what to do when you are affected. Isn't insurance enough? Insurance is a prudent step for any asset, however the issue is not your insured liabilities, but fulfilling your underlying duty of care, mitigation of any interruption to 'business as usual' and, by extension, protection of your asset and your brand by taking positive steps that have been well thought through and practiced. As a general comment, placing insurance for a property - that is, the 'bricks and mortar' - carries with it certain declarations. These include completion of accurate details of the property, a declared insured sum (an assessment of how much it will cost to rebuild, including cost of demolition, clearance of the site, etc) and other conditions, or warranties, which need to be observed to maintain the insurance cover.