{"id":1004719763,"date":"2024-07-02T04:00:50","date_gmt":"2024-07-02T12:00:50","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004719763"},"modified":"2024-07-10T00:07:47","modified_gmt":"2024-07-10T08:07:47","slug":"navigating-risk-when-disaster-strikes","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/navigating-risk-when-disaster-strikes\/","title":{"rendered":"Navigating Risk When Disaster Strikes"},"content":{"rendered":"\n

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\"Maintenance<\/a>
Communications, maintenance and vendor relations are some of the key elements that should help CRE owners and\/or operators when disaster strikes, according to senior executives. Image courtesy of CBRE<\/em><\/figcaption><\/figure><\/div>\n\n\n

A recent report from the Marsh McLennan Agency shows that the number of billion-dollar disasters in the U.S. nearly tripled in the past decade, boosted by severe storms and flooding. Meanwhile, bad weather and increased usage are also putting more strain on America\u2019s aging infrastructure.<\/p>\n\n\n\n

To stay competitive, effective risk management, contingency planning and insurance strategies should come into play. This means many industrial owners and operators will need to adjust strategies.<\/p>\n\n\n\n

Kate Rutherford, senior vice president at Prologis, is on the front lines of developing an effective risk management strategy. Based on her 20 years of experience, Rutherford has no illusions about what lies ahead: \u201cExtreme weather events are totally out of our control. What we can control is our preparation and our response.\u201d<\/p>\n\n\n\n

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READ ALSO:<\/strong> Rising Insurance Costs and the Power of Risk Management<\/a><\/p>\n\n\n\n

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For Rutherford, preparation starts at the construction and development phase. \u201cWe\u2019re in a lot of markets, so we experience all the different disasters such as earthquakes, windstorms and floods. This requires a proactive approach, assessing natural hazards and climate exposures, making sure that properties are built to withstand potential disasters.\u201d<\/p>\n\n\n\n

Maintenance, monitoring matter<\/h2>\n\n\n
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\"Prologis'<\/a>
Prologis’ Kate Rutherford, who has some two decades of industry experience, highlights how seemingly trivial checks can make all the difference in mitigation scenarios. Image courtesy of Prologis<\/em><\/figcaption><\/figure><\/div>\n\n\n

But preparation isn\u2019t enough. Regular maintenance is also required. Rutherford highlighted how seemingly trivial things such as checking the status of roof drains can prevent damage by making sure water doesn\u2019t accumulate on rooftops during heavy rainstorms. She also mentioned the importance of keeping nearby trees trimmed, which can keep tree branches and other wind-borne debris from damaging buildings.<\/p>\n\n\n\n

Rutherford also stressed the importance of active monitoring. In January 2023, a series of tornadoes occurred with no warning in Atlanta. For Prologis, monitoring kept a natural disaster from becoming a human tragedy.<\/p>\n\n\n\n

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READ ALSO:<\/strong> How to Protect CRE From Wildfires<\/a><\/p>\n\n\n\n

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\u201cWe have fire alarm monitoring at all our buildings. A few minutes before the incident, our property manager received a waterflow alarm notice. The fire department was dispatched to evacuate the building, and everyone took shelter. The customer called us shortly thereafter and while there was some damage to the building, there were no fatalities. Those kinds of positive actions reduce negative impact,\u201d she said.<\/p>\n\n\n\n

Contingency comms is key<\/h2>\n\n\n\n

Rutherford also emphasized the importance of a data-driven approach to contingency planning. This starts with communication. To maintain accurate contact information and protocols, Prologis turns to Archipelago, a productivity software platform that pairs data management with interactive analytics.<\/p>\n\n\n\n

The data-driven approach allows Prologis to:<\/p>\n\n\n\n