The Dark Secrets of Catastrophic Loss Response
Catastrophic loss response providers often uproot their lives at a moment's notice, and these jobs can take months to complete. CAT events, however, often have a lot of complications, such as where to establish a base of operations, the financial burdens from overextending operations, and the logistics of remote mobilization. Identifying and maintaining adequate infrastructure and resources can be complex, especially managing people resources and maintaining current clients at the home location while on a remote job. Planning is essential, which means firms need to first determine which types of CAT events they will respond to and which they will avoid. Infrastructure investments must be made ahead of time, especially for temporary labor, equipment, and solid relationships with suppliers in the area. Finally, firms need to examine the licensing requirements, mold regulations, contract structure requirements, and other legal obligations of the region and whether the company is ready to comply with those requirements. Experts advise that firms should pre-sell contracts in possible target markets to ensure work is there for the business when the company arrives, and ensure that credit lines and cash reserves are healthy.