PAGE 4 PROTECTING YOUR PROPERTY ® 512.328.1851 | benekeai.com Sheila E. Salvatore, Editor | Editor@AdjustersInternational.com Copyright © 2021 Adjusters International, Ltd. All Rights Reserved. E15-1023 Insights for Your Industry® is published as a public service by Adjusters International, Ltd. It is provided for general information and is not intended to replace professional insurance, legal and/or financial advice for specific cases. Riots, Vandalism and Insurance Continued Transferring and Retaining Risks What these other new insurance options will not cover are the costs to repair and replace property damaged by vandalism and riots. Those losses remain the domain of standard property insurance. All of this compounds a central challenge facing business and property owners today: how to manage a growing range of risks and growing demands to purchase additional types of insurance. Vendors and clients are increasingly requiring their business partners to have insurance for cyber, professional and product liability. Public authorities and real estate lenders are mandating environment liability coverage. And there is a growing clamor for employment practices liability coverage. With only so much money to spend on insurance, urban property and business owners need to carefully identify risks they must transfer through insurance and ones they can afford to “retain” on their balance sheets. Preparing for Riot and Vandalism Losses To limit the extent of losses from vandalism or civil disturbances, Beecher-Carlson Insurance Services, LLC recently issued a report on “Proactive Preparation for Civil Unrest and Rioting ” which provides a detailed series of steps to take in advance of an impending event: 1. Cover all windows and doors with exterior grade plywood. 2. Separate roadways and parking lots from storefront areas with temporary fencing or barriers. 3. Remove high-value merchandise from plain sight or storefront windows. 4. Remove or conceal items that could be used as tools for illegal entry or projectiles to cause damage or personal harm. 5. Secure or conceal trash receptacles that could be set afire. 6. Illuminate storefront areas with portable lighting. 7. Protect roof access ladders or ladder cages. 8. Relocate or conceal company or privately-owned vehicles. 9. Remove cash and computers with customer information. 10. Hire temporary visible security presence (in addition to law enforcement patrols). 11. Consider modifying business hours (e.g., opening or closing earlier than normal) or temporarily closing. Measures such as these are essential for any risk retained by a business or property owner — and they may be required for any risk transferred to an insurer. ____________________ 1 Beecher-Carlson Insurance Services, LLC, Proactive Preparation for Civil Unrest and Rioting, June 2020; accessed at https://beechercarlson. com/wp-content/uploads/2020/06/Proactive-Preparation-for-CivilUnrest-and-Rioting.pdf
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