The Chubb insurance firm said it is warning real estate companies they need to take a variety of steps to protect themselves against growing risks as their inventory of vacant properties increases during the economic downturn.
Tim Ehrhart, vice president, Chubb & Son, and real estate market manager, Chubb Commercial Insurance, said, "Vacant buildings are particularly vulnerable to risk because of the absence of people performing day-to-day activities that mitigate common hazards."
He said owners of vacant real estate can reduce risk by:
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