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Mitigation
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Vault Storage

Category: Mitigation

Principal Author(s): Mark Whatley, Seth Harrison

Key Contributor(s): David Mattioli, Dan Smith

AI Board Approval: 06/14/2017

Last Update: 07/20/2017

Tags: Contents, Packback, Packout, Storage, Storage Container, Vault

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This Insight Sheet© seeks to illustrate best practices associated with invoicing for 6′ x 7′ x 7′ storage vaults stored in a climate controlled warehouse. The contents that were relocated to the warehouse filled 9 vaults and remained in the climate controlled warehouse for 6.5 weeks.

There are numerous factors that have gone into the pricing associated with storage vaults, including but not limited to:

  • The cost of training and certification for the staff to use a 2 stage or 3 stage forklift
  • The cost of owning and operating the forklift(s) within the business (including maintenance)
  • The facility required in order to sustain and operate a vaulting system (i.e., SQFT building cost associated with each region)
  • The maintenance of the building as well as the climate control cost
  • The variances in purchasing vault(s) influenced by the price of lumber
  • The initial cost to assemble the vaults as well as the maintenance of each of the vault(s) (e.g., vault clamp replacement due to wear-and-tear)
  • The labor required to clean and conduct basic decontamination of the vault(s) (post removal of contaminated contents)
  • The labor associated with relocating the vault(s) internally within the facility in order to access adjacent vaults
  • Accessing vault(s) prior to cleaning contents and moving them back after cleaning/decontamination
  • The insurance that is associated with the storage of large quantities of policyholder’s contents (e.g., bailee’s insurance)

This Insight Sheet exists to clarify how one might invoice for vault storage. This does not seek to include or make concessions for all equipment and/or activities as it relates to a loss of this nature.

As Seen In Xact

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