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Don’t Forget Fire In Property-Protection Plans

Although the incidence of fire has shown a steady decrease over the last 30 years, the average cost-of-fire loss has increased, according to the National Fire Protection Association (NFPA) (see chart). Agents, brokers and insurers can help risk managers keep fire safety a top priority throughout the year by identifying...

By David Hague | Updated on June 30, 2011

As risk managers implement property-protection plans in preparation for an above-average hurricane season—that follows hard on one of the most active tornado seasons in U.S. history—it is no surprise that the seemingly more mundane threat of fire has been put on the back burner.

Yet while risk managers’ focus has rested, rightfully so, on the immediate threats presented by an overactive weather pattern, fire remains one of the most-costly commercial-property loss drivers. 

Although the incidence of fire has shown a steady decrease over the last 30 years, the average cost-of-fire loss has increased, according to the National Fire Protection Association (NFPA). Agents, brokers and insurers can help risk managers keep fire safety a top priority throughout the year by identifying those areas most vulnerable to fire loss and helping risk managers maintain an active fire-prevention strategy.

A good first step in addressing vulnerable areas is to identify the locations and causes of fire that inflict the greatest amount of property damage. According to the NFPA, some of the most common points of origin for fire in commercial occupancies are: 

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