Michael's question kinda caught me off-guard. Compensation? An industry standard?
I'm one of the ones that had an "incident" a few years ago. "Incident" is an awfully nice word for fire.
Immediately after my fire, I asked several of you on the listserve, a question about your expectations of a/your commercial records center - what you expected them to do for you in the event they had a fire. What coverage you had and how you thought you would be compensated in the event of a disaster. Your answers were telling and helped me to formulate our current plan.
There were very few replies to Michael's question yesterday, on the list anyway, and I'm just wondering what the rest of you think - what are your expectations? There are several new listserve members and I'm sensing that you might have a false sense of security regarding your boxes (or tapes) that are stored off-site. So, here are my questions to you:
1. What do you think the commercial records center's responsibilities are to you after the fire?
2. What coverage do you think that a commercial records center carries on your box?
3. What coverage do YOU have on your box that is stored at a commercial records center? What is the deductible on your policy? What are the limits on your policy? Did you tell your insurance company that your boxes are stored off-site with a commercial records center, and did you give them the address of the records center?
4. If the box is completely wet, what should you expect from your commercial records center?
5. If the box is completely wet, how much do you think it will cost to restore that box?
6. If the box is completely wet, how much time do you have to make a decision as to what you're going to do with it?
7. If the box is burned/destroyed, what should you expect from your commercial records center?
8. If the box has smoke damage, what should you expect from your commercial records center?
9. If a box is simply lost, what should you expect from your commercial records center? Is there any coverage for this type of loss?
10. Whose insurance will cover a loss at a commercial records center, the commercial records center's or yours?
I have an idea that several of you don't know the answer to these questions. And by the way, I'm not really trying to get the answers on the list as much as I want you thinking about them and discussing them with your commercial records center. A good, healthy, thorough discussion of these issues now will save you a lot of trouble later.
Thanks
Steve
R. Stephen Richards
President and CEO
Richards & Richards
Nashville, TN
615-242-9600 phone
615-242-2100 fax
www.RichardsandRichards.com
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-----Original Message-----
From: Peter Kurilecz [ mailto:[log in to unmask]]
Sent: Wednesday, February 09, 2005 3:17 PM
To: [log in to unmask]
Subject: Re: Third Party Storage Vendors and Disasters
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On Wed, 9 Feb 2005 15:47:14 -0500, Mike Purington
<[log in to unmask]> wrote:
> Hello All,
>
> Does anybody remember a story about a third party storage vendor having a
> disaster at their facility in recent years? What kind of compensation did
> the customers get for their material being destroyed? Is there an
> industry standard? Thanks for your help.
>
There have been several incidents, but the one you are most probably
searching for is the Diversified Records fire. Two clients were
awarded over $20 million each for their losses. Search the listserv
archives for postings on it. The plaintiffs attorneys gave a
presentation at the Boston conference on the trial and I believe did a
webinar for ARMA
for your convenience and for others here is a link ot a google search
http://www.google.com/search?hl=en <http://www.google.com/search?hl=en&q=%22diversified+records%22+fire&btnG=Google+Search> &q=%22diversified+records%22+fire&btnG=Google+Search
http://shrinkster.com/3p3
PeterK
List archives at http://lists.ufl.edu/archives/recmgmt-l.html
Contact [log in to unmask] for assistance
List archives at http://lists.ufl.edu/archives/recmgmt-l.html
Contact [log in to unmask] for assistance
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