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  • Writer's pictureKarel Costa-Armas

Inventory of Physical Asset Risks -Property Inspections

In continuing the topic of Risk Management, many of the board members, residents, and staff should know the assets on property and the current conditions thereof. Are there areas presenting a potential danger to others? Are sidewalks lifted from growing tree roots?

What would a lawsuit stemming from one of these issues cost the association?

Will your insurance cover the costs if it were to be discovered action was never taken to remedy a known problem?

The association has many valuable assets on site that should be accounted for and maintained. Many of these physical assets are in plain sight daily. Residents and staff see them, but they should be made aware of the importance of reporting deficiencies and having them placed on a priority list of repairs. At times, any of these physical assets can breakdown and cause unwanted damage. The damage or abrupt disruption of operation may cause injury or another type of loss. The following items should be inspected regularly:

· Roots lifting sidewalks

· Signs of dangerous wildlife

· Leaking Shut Off Valves

· Fire Hydrants connections

· Inoperable Shut Off Valves

· Dock slats

· Loose Fencing

· Termite Damage

· Wood Rot

· GFC Outlets throughout

· Gatehouses Roofs

· Wiring for landscape

· Wood Swings Playground – conditions

· Glass / Windows

· Loose tree limbs

· Inspection of maintenance tools

· Park Benches

· Sharp or frayed edges on playground and amenities

· Gatehouses plumbing

· Worn wiring on streetlights

· Ponds (visible irregularities)

· Gatehouses lighting

· GFC outlets in Bathrooms

· Painting / Sealing

· Golf Cart Inspections

· Asphalt on Courts

· Signs of corrosion on iron fencing

Management should generate an inspection form at least monthly, to document a thorough walk-through of the property. Once items are noted, the proper work orders should be disbursed to the appropriate staff or contractors. The work orders should be tracked and confirmed resolved within a reasonable timeframe.

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