Attention FM Global clients: Whether or not your business has been affected by the coronavirus pandemic, you can be sure of one thing—now is the perfect time to learn all you can to make your business more resilient.
Lithium-ion battery-based energy storage systems (ESS) are in increasing demand for supplying energy to buildings and power grids. However, they are also under scrutiny after a number of recent fires and explosions. To increase awareness of what can be done to improve safety around this technology, commercial property insurer FM Global has publicly released groundbreaking research and recommendations.
While the fires may have eased, the impact to Australia’s business community is significant. The economic damage from the bushfires devastating Australia’s eastern seaboard alone is likely to exceed the record $4.4bn set by 2009’s Black Saturday blazes, Moody’s Analytics has said. With summer not yet over, the bushfire threat unfortunately continues meaning everyone must remain vigilant and take steps to ensure that they mitigate the risk.
If any of your locations are in the path of any forecasted hurricane-force winds or heavy rain, follow your emergency plan and be sure to take these steps, if they can be done safely, to help mitigate damage.
If we have one job as CFOs, it's protecting the value of our companies. One of the most insidious threats to corporate value is sudden disruption from events like fire, hurricane, flood, earthquake or cyber attack—disruption that is ostensibly insured. We tend to be vaguely aware of this risk, but rarely do we put numbers to it.
Within the expected design life of the solar farm, there is a 20 per cent chance of it being hit by a cyclone that would cause significant damage to the solar panels. Standardised cyclone testing and national standards for all types of panels and installation configurations needs to be implemented.