- Resilience and risk management program
- Flood Hazard Characterization
- Asset Inventory and Flood Vulnerability Assessment
- Hazardous Weather Emergency Response Plan
Challenge
Safe Harbor Marinas, LLC (SHM) marinas are vulnerable to the impacts of natural hazards – in particular, coastal storms. The risks associated with this vulnerability include marina and member property damage, operational disruption (including possible extended closure), and uninsured or beyond coverage financial loss, and these risks will only increase due to the effects of climate change. SHM and their members also have associated indirect risks – in particular, the increasing cost and decreasing availability of insurance. SHM is faced with the acute and chronic risks associated with weather and storms, and the long-term climate change effects of sea level rise and warming air and ocean temperatures. These risks have the potential to result in increasing costs, as well as affecting long-term property and business valuation.
Solution
GZA is assisting SHM in building a resilience and risk management program through a Pilot Study that will allow SHM to understand how to effectively implement a programmatic resilience approach to managing risk. The program is a scalable, quantitative, data-driven process for SHM to evaluate, report, and manage their acute climate and flood risks, including the capability to roll up data by individual marina or a portfolio and asset category basis (i.e. using a dashboard) on a Software as a Service (SaaS) basis. The program will be imlemented at three selected pilot sites (Cowesett North and South Yards, and New England Boatworks).
The following work products were completed as part of the Pilot Program development: Flood Hazard Characterization; Asset Inventory and Flood Vulnerability Assessment; Regulatory Code Review and Resilience Best Management Practices; Flood Mitigation and Risk Management Alternatives; and Hazardous Weather Emergency Response Plan.
Benefit
GZA has expertise in assisting companies with identifying and quantifying these risks and, importantly, developing practical and cost-effective programs to reduce risk and maintain value. Through implementation of the Pilot Program, GZA was able to help SHM understand the risks associated with the marina business in terms of financial loss and business disruption, which will inform management during their decision-making process, particularly for long-term capital expenditure planning, acquisition, and resiliency improvement projects.