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Property Risk Management Issues
The most common causes of property losses are fire and
water/plumbing leaks. Following are some suggestions to help you
identify potential risks and take steps to mitigate or eliminate
them.
Water/Plumbing
Burst or ruptured pipes are the leading cause of plumbing losses.
- Every member of the building staff should know the location of
the main water shutoff valve. In the event of an emergency
involving sprinklers or other plumbing leaks, it may become
necessary to shut off the water supply. Unless the location of
the main shut off is clearly marked and the staff knows where it
is, minor damage can quickly become major damage. This is not
only costly, but disruptive.
- Residents should be advised to immediately shut off water
supply lines within their unit when any water leak is detected
involving plumbing and notify a building staff member.
- Maintenance reports/logs should be reviewed monthly to
identify any incident trends. If trends are uncovered, a
proactive plan should be developed to address them.
Fire
Carelessness when cooking and using candles are the most frequent
causes of fire losses. Safety bulletins should be distributed and
posted in conspicuous locations throughout the building alerting
residents of potential dangers and recommending proper safety
concerns. Some suggested information includes:
- Place candles in non-combustible holders and never leave them
burning unattended for long periods of time.
- Keep candles out of the reach of children and away from
flammable materials such as drapes or upholstered furniture.
- Never leave cigarette lighters, matches, or other lighting
devices accessible to children.
- Keep a personal fire extinguisher in an accessible location
within the unit.
- Never disconnect smoke alarm batteries.
- Don’t leave the immediate area when cooking on a stovetop.
- Never use extension cords with electric space heaters. They
are not designed for the high electrical load and may overheat
causing a fire.
- Keep space heaters away from combustible materials.
The building staff should conduct monthly inspections of all fire
extinguishers and their cabinets to insure they are available and
operational.
Claims Department
The Distinguished Programs Group
6 East 43rd Street, 15th Floor
New York, NY 10017-4609
888-355-4626
212-297-3131 (fax)
dpgclaims@distinguished.com
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