TT brief: mitigating flood risk
Have you considered the risk of flood damage to your warehouse and operations?
The associated losses of such incidents can be far reaching; water is unforgiving and has the ability to penetrate and damage just about any area or commodity. Flood water is inevitably dirty, which increases the likelihood of damage. Additionally, in many cases where local sewers have been flooded the water can be unsanitary which further elevates the seriousness of the damage and the risk to health.
Insurance may provide a degree of protection; studies have shown that there can, however, be a significant difference between an insured loss and the full economic loss, the latter including various indirect costs, such as lost management time and reputational damage. It is imperative that your insurer has a sound understanding of your operational activities, your property, what cargo you are storing, what equipment is on site at any given time and a reasonable valuation of it all.