Reports & Papers-Lessons from Losses: Flood Damage to Inventory in Storage

Lessons from Losses: Flood Damage to Inventory in Storage

Pdf Summary

The document discusses the lessons learned from flooding damage to inventory in storage, specifically related to losses from Superstorm Sandy in 2012 in North Jersey. The report highlights the need for companies to have disaster preparedness plans and recovery procedures in place, especially when storing goods near bodies of water. Key measures to prevent or minimize losses include identifying flood risks, developing emergency preparedness plans, and establishing communication protocols with relevant entities. It is emphasized that susceptibility to water damage should be considered when selecting storage locations, and goods should be stored above floor level where possible. In the event of flooding, immediate action should be taken to segregate and remove wet items to prevent further damage. The document provides resources for businesses to prepare for floods, including flood maps and flood damage mitigation checklists. Ultimately, the report aims to enhance awareness among underwriters, loss control specialists, and other stakeholders regarding the hazards associated with flood damage to stored inventory.

Keywords

flood damage

inventory storage

Superstorm Sandy

disaster preparedness

emergency preparedness plans

flood risks

communication protocols

water damage prevention

flood preparedness resources

inventory loss prevention