INSURANCE Advice


WHY BOTHERWITH RISKMANAGEMENT?


Howeverwell runyour blockand however conscientiousyourRMC,RTMCo or property managermay be, bad things sometimes happen. The cost of putting things rightmay be coveredbyinsurance or youmay be able to make a claim against another party. However, noamount ofmoney cantruly compensate for seriousloss, damage injury or even deathand thereisalsothe disruption,stressand other hiddencoststhatcan arisefrom even the smallest of events. In order to tryand keep thesedangers to


a minimum, riskmanagement should be at the top of all our agendas. Unfortunately formany people these words strike a note of fear –riskmanagementsoundssuspiciously as if it mightinvolve aconsultant, apileof paperwork and a price tag tomatch. However, that is not necessarily the case. If you live in averylarge apartmentblock with hundreds of residents, assessing riskmay be very complex but, formost of us, riskmanagement is simply aboutlooking at therisks or hazards thatmayarise in your developmentand then puttinginplace sensiblemeasures to control andprevent them.Itcoversall theprocesses involved in identifying, assessingand judging risks, assigning ownership, taking actionsto mitigate or anticipate them, andmonitoring and reviewing progress. Good riskmanagement helpsreduce


hazards and builds confidence to innovate andimprove. It will also help prevent claims againstthe residentialmanagementcompany andits directorsfor loss,damageorinjury and will enable your block to reach its full potential in terms of saleability and market value. Thereare alltypes of hazardsand health


andsafetyissues associated with blocks of flats -all ofwhichare asubject in theirown


right. These include: nFire,storm,flood,theft,impact, subsidence


andother insurablerisks nThe condition of the building and buildingmaintenanceworks,including


regulatory passenger lift inspections nWorking at height


Good risk


management helpsreduce hazards


MANAgINgyOUR RISK


Ifyoudonot alreadyhave ariskassessmentinplace andyouliveinalarge development, talk toyour propertymanager orRMC aboutcommissioningone fromariskconsultant.


Youmaybeable toputone togetheryourselvesbutitmay provecomplex if therearea largenumberofflatsormore thanoneblockis involved.If youliveinasmall blockyou shouldbeable to produce


Riskmanagement should be at the topofall our agendas


nSlips, trips and falls nWater, gas and electrical installations and portable appliances such as those subject to


PAT testing nTheuse of hazardoussubstances such as cleaning fluids, pesticides andasbestos


containingmaterials nDiseasesand infectionswhichmight be caused by rodents; tetanusorevenLegionella,


whichcan grow in hotand cold watersystems nWastemanagement nManual handling of heavyloads nViolence and threatening behaviour nWorking alone


Thoseatriskinclude occupants,employees,


contractors, suppliersand othervisitors, as well as neighbours andthe generalpublic Anyriskassessmentshouldbecarried out


yourown.Theprocessisnot complicatedandtheHealth& SafetyExecutivehasauseful guideonitswebsiteatwww. hse.gov.uk.Justsearch‘five stepsto riskassessment’on thehomepage.


with reference to the lease,which will help to identifywhoisresponsible forwhat.Many of theactions will fall to themanagingagent orRMCbut somemayfalltothe landlord, caretakerand otherparties. Apartfrom theobvious advantagesinterms


of improving the safety of residents, one of the otherpluspointsofgood riskmanagement is that itmay have a positive impact on blockinsurance premiums.Whileitwould be unfair - and probably untrue - to suggest that aproactive approach to risk will have an immediateimpactonthe priceyou payfor insurance,what we cansay is thosethattake riskmanagement seriously tend to have fewer accidents and so over timeare likely to pay significantlylessfor theirinsurance. It should also be remembered that even if


youhavetaken outthemost comprehensive insurancepolicytocover your building,this should be accompanied by a reinstatement cost assessment forinsurance purposes to ensure thepropertyisinsured forthe correct amount andtoobtain thefullbenefitfrom the policy.Infact, this should be part of your risk assessment! Timetakennow to prevent accidents, loss


or damage and also in ensuring that your property is adequatelyinsured will provide confidence and peace of mind for you and your fellow residentsthatany potentialincidents anddisruptionwillbekepttoaminimum. Such action will also ensure that if you are unfortunateenoughtosuffer alossthatis coveredbyinsurance,yourinsurer will be able to deal with your claim inamore timely and effectivemanner than if you simply leave these things to chance.●


roger Corp isaDirector ofBarrettCorp& HarringtonLtd Tel 08444124495 email info@bch.uk.com websitewww.bch.uk.com


Flat Living Issue 13, Winter 29


Accidents happen in the best run blocks of flats. Here roger Corp offers advice on keeping risks to a minimum


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