Vacant asset security: how to get it right

JAMES FEE, managing director of FRG Risk Management, a division of one of the UK’s leading security providers First Response Group, guides us through the five essential steps of vacant property security.

[WHEN ACQUIRING PROPERTIES or land for redevelopment or demolition there is an urgent requirement to secure the site, ensuring insurance cover is maintained and the market value preserved until the construction project begins.

Your security providers should take ownership of specific asset security insurance requirements, but it is essential for all developers to have an understanding of the core steps needed to ensure compliance obligations are met in the most efficient and cost-effective way possible.

1. Choose a respected and experienced security company

The most important decision you will make when protecting a distressed asset is choosing the right security provider.

There is often a play off between choosing a large security company, which may prove the most cost-efficient but risks being ‘just a number’ when it comes to service, or going with a smaller, specialist provider who may not be able to self-deliver the range services you require on a national scale.

Here’s where FRG Risk Management comes in. As an insurerapproved security provider our clients receive the benefits of a dedicated division with genuine expertise delivering vacant property security and safety services, ensuring compliance with insurers’ risk improvement notices across residential and commercial assets while they await development.

In addition, by being part of a leading security provider, First Response Group, our clients also have the reassurance of a wellestablished national company that offers more than the standard vacant property protection provider.

2. Risk assessment

After any immediate security cover is organised your security provider must perform a complete security risk assessment of the site and recommend risk reduction measures in line with insurance industry compliance requirements and to minimise the risk of theft or damage to the asset. FRG conduct detailed site risk assessments following industry best practice to deliver reliable and realistic risk mitigation advice – and it is all free with no obligation. Our customers find our thorough and responsive style drives value through their business.

3. Clear, clean and secure

A vital step in the security process is ensuring the asset is clear of all rubbish, clean and locked up. This involves responsibly disposing of confidential waste, hazardous materials, disconnecting the utilities, draining down water systems, changing the locks and sealing the letterbox.

If the property is identified as high-risk during the risk assessment steel screens, steel doors and concrete barriers can be installed to add an additional layer of defence against criminals, unauthorised encampments and urban explorers.

4. Security personnel and surveillance

Enhanced protection for your site can be provided by security officers and dog handler units or by using temporary CCTV surveillance technology – and often a combination of both is needed.

When security companies are new to the market or specialise in vacant property security they often sub-contract these services which raises costs and gives you less control over standards. Using a larger company, such as FRG, who self-deliver their technology and manned security services, helps manage cost and improves quality.

The importance of maintaining control of standards was highlighted when an unauthorised encampment breached a vacant unit in Liverpool and FRG received a late-night call from a stakeholder concerned about the ability of the incumbent security provider to handle the situation effectively. Within two hours our dog handler teams were on site and found the incumbent security provider’s dog handler using a lame dog not fit for duty and the handler was without a visible SIA licence or a uniform. Not only was this a complete breach of professional standards but the client was paying 50p an hour more than FRG’s dog handler rate.

5. Ongoing inspections and maintenance

Often a condition of insurance policies is regular inspections of the asset to ensure the right risk reduction requirements are in place throughout the cover. Inspections also flag up maintenance issues which if left unattended can affect the market value of the asset.

The added value of using a multi-disciplinary security provider like FRG means that when issues arise our dedicated Helpdesk proactively contacts the client with the condition report and a fully costed solution. Once approved, our security teams or FM division then resolve the problem to an agreed timescale with minimal client involvement. This time and cost-efficient approach has simplified vacant asset management for hundreds of our customers. q www.constructionnational.co.uk 41