Planning for Disaster, Is Your Condo Corporation Ready?
The climate in the world is currently changing, and it is advisable that you change your priorities which will save you from expensive financial repercussions. Evidently, there have been cases of stronger storms, rising water levels, melting glaciers, and temperature fluctuations which eventually leads to melting polar icecaps, volcanic eruptions, wildfires, snowstorms, tsunamis, earthquakes, tornadoes, and floods. Notably, if any of the above events occur, the damages left behind regarding economy and health are of unimaginable measure.
In this essence, you need to picture this: what would happen if your condo corporation gets a power outage thus leaving you with no functional generator, elevators, water, electricity, and heating system? What would happen in such a scenario? On the other hand, imagine what would happen if a fire accidentally burns down you condo, destroying all your computers and files? Notably, this can lead to a drastic financial loss especially if your condo corporation was never anticipating it. Notably, the above incidences will occur in the most unexpected moments meaning that it will be hard to counter them since you will most likely not be prepared.
Need For a Disaster Plan
The main reasons why a condo corporation needs a disaster plan is the fact that it deals with every day’s life and people’s property and also the fact that it manages huge sums of money in terms real estates and revenue. A disaster plan assists in minimizing the interruption of the daily lives of unit owners and also ensures that there is continuity of the business services. The above-mentioned scenarios will help you with important information regarding the consequences associated with an unwarranted disaster. Below are several points you should consider when making a disaster plan.
- Make a disaster plan before the occurrence of a disaster
- Have a team ready and clear laid plans in case a disaster strikes
- Test the disaster plan, revise it when necessary, and review it on a regular basis.
- Review the insurance policies and ensure that you pay close attention to fine prints and exclusions. Create a personal website which will set out all the information which will be helpful in the event of a disaster. This includes emergency phone numbers and evacuation plans.
- Seek the advice of local condo corporation lawyers.
In a nutshell, your condominium corporation set up should be prepared in the event of an unexpected disaster. Considering that a condo corporation caters for expensive properties and huge sums of money, damages can easily escalate to billions of dollars which can bring the corporation to its knees. In this regard, it is advisable to have a reliable disaster plan which can be rolled in place on a need basis. As such, you will be assured of a low risk of liability claims even in scenarios of adverse disasters. It is also in your best interest to seek advice of trusted condo corporation lawyers.