Large loss water damage mitigation case studies.
By Michael Tabayoyon
Principal with Allied Restoration Company Inc
20 Galli Dr #16
Novato CA 94949
Based in San Francisco Bay Area.
Allied Restoration Company has been providing water damage mitigation, mold remediation, and fire and smoke remediation services since 2002. Michael manages IICRC certified firm and hold designations in IICRC WRT, IICRC FSRT, IICRC AMRT. The firm also holds a general contractors license. Michael is an AHERA Abestos Building Inspector , AHERA Asbestos management planner, AHERA Asbestos project designer, and AHERA Certified Asbestos worker supervisor. Michael has managed over 900 individual disaster revoery projects in the fire, water damage recovery and fire and smoke recovery industry.
In the world of finance, risk maagment refers to the practive of identifying potential risks in advance, analyzing them and taking precautionary steps to reduce / curb risk. When an entity makes an investment decision, it exposes itself to a number of finacnial risks. The quantum of such risks depends on the type of asset. A business has a variety of risks it must manage. It must plan to maintain its brand image, its market share, its physical assets etc. The perils that may threaten the value of its buildings include fire damge, water damage, and mold contamination. This article is meant to get risk managers to think about their response plans if such disasters were to occur. Many develped organizations have teams of professionals in place that can step in on a moments notice in order to help manage these perils, but there are many organizations that do not have this planning in place.
Risk mitigation defined as taking steps to reduce adverse affects. There are four types of risk mitigation strategies.
- Risk acceptance. does not reduce any effects however it is still considered a strategy . This is common when the cost of the other management options outweigh the cost of the risk itself.
An organization that does not have the means to pay for risk avoidance that are not likely to occur.
- Risk avoidance is the opposite of risk acceptance. It is the action that avoids any ezzposure to the risk at all. Risk avoidance is usually the most expensive of all of the options .
- Risk Limitation is the most common risk managment strategy used by organizations. This is the plan to limit the entitys exposure by taking some action. It is a stratgey employing a little risk acceptance and risk avoidance.
- Risk transferane
Risk transer is the involvement of handing risk off to a willing third party . Outsourcing some of their operations to third parties such as (customer service, payroll services, etc) . This can help companies focus more on their core competencies. [Note 1A]
Insurance Coverage (deductibles, self insurance, and coverage triggers)
Statistics about How disasters affect the viability of Firms.
According to the Federal Emergency Management Agency (FEMA), more than 40% of businesses never reopen after a disaster, and for those that do, only 29% were still operating after two years. And guess what likely becomes of those that lost their information technology for nine days or more after a disaster? Bankruptcy within a year. [Source -Note 1B ]
Sizing up and develping a plan of action.
Having access to the right equipment for the job at hand
The 72 hour timebomb [Note 1C]
What damage exists beyond what meets the eye.
The tools of the trade