Foul odors emanating from bathtub and sink drains, toilets refusing to flush properly, water backups discovered in building basements or first-floor units. These are just some of the horrors condominium and apartment associations deal with when sewer pipes and drains back up.
It’s no isolated issue, and it causes significant health risks, cleanup costs, and ongoing maintenance. Sewers without proper traps can cause severe allergic attacks or potentially fatal consequences to residents. Broken pipes can cause raw sewage to empty into buildings. As a result, nasty stenches can reduce property values and associations that can’t seem to locate the cause and apply the right remedy can find themselves part of expensive claims.
Interestingly a recent lawsuit in California for damage to the interior of a unit from common area pluming found the Condominium Association liable. Read more…
Almost every state in the country has been experiencing below freezing weather this year. The mid-west and northeast states have been hit hard by the freezing weather. These states are used to this type of winter weather. The southern states, such as Tennessee, Georgia, North Carolina and South Carolina are normally immune to the long periods of freezing weather. Not so during the winter of 2010 and 2011.
A freeze up condition of your sprinkler system can cause an obstruction that will prevent the sprinkler system from working properly. The sprinkler piping could also burst and cause extensive water damage to your building and contents.
The following are a few precautions you can take to help prevent the freezing of water-based sprinkler systems: Read more…
photo credit: flickr snapman
These days, most insurance against direct risks of property loss is arranged on a Replacement Cost (or “RC”) basis. The main alternative that is sometimes used is to insure property on an Actual Cash Value (or “ACV”) basis, which is defined as “Replacement Cost (at the time of loss) less Accumulated Physical Depreciation”. ACV insurance may sometimes be the only alternative available, but it should be avoided if at all possible, and understood fully if adopted.
Total losses can, and frequently do, happen. Even a relatively small fire can involve so much smoke damage, and water damage from fire suppression that the cost to make everything right equals the cost to replace the entire building and its contents. A big wind and rain storm can take off a roof, blow out windows, and soak everything so badly that a total loss occurs. One of the basic rules of risk management is “Don’t risk a lot for a little”. If your insurance program is properly designed, you can insure to 100% of your property’s RC at little or no increase in cost over skimping on Property insurance limits. Read more…
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