Insuring Operations On The Island

Dec. 21, 2004

While Puerto Rico's tropical location sounds wonderful to cold climate-based executives, it also means that structures on the island need to be able to withstand windstorms and hurricanes. Managers need to line up backup plant equipment and power sources in the event power goes out, says Frank Goudsmit, life sciences property and international manager with Chubb Commercial Insurance Division, Whitehouse Stations, N.J. If that's not possible, managers will want to make sure they can quickly transfer operations to other locations. If that would require shifting operations to a contract manufacturer, company executives will want to make sure the plant already has been validated by the Federal Drug Administration. Otherwise, the company is liable to lose sales--in some cases, permanently -- to competitors that are able to keep their operations up and running. Finally, many life sciences companies need to warehouse quantities of packaging materials, powders and the like. That can create a fire hazard, says Goudsmit. A reliable sprinkler system is critical, which may mean investing in a private system, he adds. "You may not be able to get sufficient water flow from a public system."

Popular Sponsored Recommendations

Legacy Phone Lines Are Draining Your Profits

Oct. 30, 2023
Copper wire phone line expenses that support emergency devices could be costing your company millions of dollars in wasteful overhead expenses. Rates have been skyrocketing while...

How Digital Twin Technology is Empowering Manufacturers

Sept. 27, 2023
This FAQ delves into why this technology offers business value and considerations toward implementation.

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Are You Positioned To Tackle Supply Chain Risk?

Sept. 20, 2023
Supply chain disruption is here to stay, but you can keep ahead of potential issues — and identify new opportunities — by regularly assessing your suppliers. Download our supplier...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!