In early 2015, the RMF Board of Directors committed to a significant investment geared toward assessing and preserving our 100+ chapter house properties via the following program objectives:
to identify our exposures across the full program
to provide educational resources to assist our many house corporation advisors do their jobs more effectively and efficiently, and
to fund key life safety improvements and upgrades along with those major deficiencies creating increased exposures for the local insured and RMF
All components of this initiative have received very high marks from our Lloyd’s Underwriters in London as well as from the Board of Grand Trustees. Our Lloyd’s Underwriters noted the impressiveness of the undertaking, particularly with the depth of the inspections and the thoroughness of the reporting. As we approach the half-way point of this important effort, please find the following key statistics:
· To date RMF has received responses from approximately 85% of the house corporations. In those cases when a response is outstanding, RMF is engaging the appropriate Grand Trustee(s) to assist with follow-up.
Key Issues Identified (42 inspections)
60% or 25/42 in need of attention to fire alarm and smoke detection, fire safety systems
62% or 26/42 in need of drainage repair (roof, gutters, downspouts to move water away
88% or 37/42 in need of electric repairs/upgrades (aging electric infrastructure routinely noted)
30% or 14/42 in need of new roofs at costs ranging from $10,000-$40,000.
45% or 19/32 in need of sprinkler systems at costs ranging from $10,000-$60,000.
This tracks with our program total of 52% of RMF program properties having sprinklers.
Aggregated Estimated Costs (42 inspections)
$390,000 identified in near-term life safety needs.
Average of just over $9,000 per location.
$1,188,500 identified in 1-5 year capital projects.
Average of almost $30,000 per location.
To request a copy of your chapter’s inspection report or find out when your house is scheduled for inspection, please contact email@example.com