While new buildings are constructed to meet the highest standards of safety and stability, older commercial properties can lack such protections, making them difficult and expensive to insure.
That’s why risk managers need to focus on the kinds of retrofit projects that will pay off in terms of reducing losses and lowering insurance costs.
In some cases, building regulations will determine what work needs to be done. But in the absence of codes, how does a property owner assess the hazards of an older property, whether it is recently acquired or one that is due an upgrade? Is creating a highly protected property from an ugly duckling worth the extra expense and effort?
