Magazine article Risk Management

Don't Overlook the Basics

Magazine article Risk Management

Don't Overlook the Basics

Article excerpt

he most effective approach to managing an organization's earthquake exposures requires examining not only the potential property damage, but also the business interruption effects. And while a lot of firms turn to specialized consultants to evaluate their earthquake risk, others have found that it can be more costeffective to use insurance carriers or internal resources to provide initial guidance.

*We recognized that there would always be basic steps that we needed to accomplish," says Marc Brodt, manager of property loss prevention and control at ColgatePalmolive Company in New York. "Instead of waiting for specialists to go to a plant and tell us we would have to secure movable items and install flexible piping, we had our insurance partner evaluate those elements during its property review. The underwriters looked at the basic seismic exposure, and we asked them to work with the plant to determine which items needed to be secured." For instance, an evaluation of a plant in Mexico City revealed that the earthquake exposure was not as severe as the company believed. …

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