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Consequences of Water Damage in Shopping Malls
By the RestorationSOS Educational Staff
As with other commercial properties, the consequences of water damage to a shopping mall can be minimal or devastating, depending on a host of factors. In general, some of the effects of a water damage incident include:
- Property Damage – Lost or damaged inventory items; damage to equipment, technical systems and vital records; damage to the building's structure; mold growth
- Interrupted Business Functions – Delivery of products can be affected; electronic processing of sale and other transactions may be impaired; communication can be interrupted; essential suppliers or vendors become unavailable
- Lost Market Share – In the event of extended mall closure, consumers will go to a rival mall or do their shopping online. If the market share is not gained back, the business will have difficulty retaining its net worth
- Human Aspects – Health and safety risks to the general public, mall employees and store attendants
- Legal Concerns – Business liability, particularly if the risk of water damage was known but nothing was done about it or the risk was not known to the business but should have been identified; inquiries from regulatory boards to ensure public health and safety
These are just some of the many consequences of experiencing water damage in a shopping mall or multi-store area. Each mall is different and may have additional unexpected results due to flooding, faulty sprinkler systems, a burst pipe or other type of water damage occuring in their building.
Because malls are usually several thousand square feet in size, there is the possibility of extensive financial devastation if your insurance coverage is not up to date or is lacking in the extent of coverage it provides. Check with your insurer on a regular basis to ensure that the coverage for your building is accurate and adequate.