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Making Portfolio Properties More Flood Resilient
Resilience is the Ultimate Sustainability• Corporate Sustainability
Programs have not generally included “physical risks.”
• Measuring “green-ness”, not vulnerability to floods and climate risks.
• Deutsche Bank’s new Study: “Measuring Physical Climate Risk in Equity Portfolios”, November 2017.
• New technologies enable property-specific flood risk assessments.
Greater Storm Frequency and Severity• Hurricanes Harvey and Irma
revealed an astounding lack of resiliency;
• Not enough property owners insured;
• Property owners not properly educated about flood risks;
• Property owners not incentivized to mitigate flood risks;
• Federal, state and local governments under invest in coastal resiliency.
Brickell Ave.Miami, FL
Houston, TX
Coastal Sea Level Rise Flooding Increasing Exponentially
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King Tides 2015 and 2016• https://insideclimatenews.org/news/01032016/ft-
lauderdale-climate-change-global-warming-rising-sea-level
Sea Level Rise Flooding in US Coastal Cities
Savannah, GA Charleston, SC Annapolis, MD
Miami, FL Ocean City, NJ Norfolk, VA
Ground Floor+8.8’ over NAVD88 0’ above NAVD88 Vertical Datum
Aren’t FEMA Flood Maps Good Enough?
Example: NOAA SLOSH Model Cat 1 Hurricane SurgeMuch Higher Than FEMA 100-Year Flood Height
Category 1 Hurricane Storm Surge: 8.6’ above NAVD88 Vertical Datum
Courtyard+7.8’ over NAVD88
SEAWALL+4.7’ over NAVD88
500-year Flood** = NAVD88 + 5.4’
100-year Flood** = NAVD88 + 4.6’
*NAVD88 Vertical Datum is the baseline elevation calculated basedongeodetic measurements around theworld.
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Study Finds FEMA Flood Maps Missed 75% Of Houston Flood Damage Claims Between 1999 And 2009
Flooding along Interstate 10 in Houston as a result of Harvey
FEMA Flood Maps:
• Backward looking in time;• Don’t include sea level rise or climate
change;• Don’t include heavy rainfall flooding;• Don’t show the same inundation levels
as NOAA Storm Surge Models;• Are fixed and don’t reflect seasonal
changes;• Are not linked to any real-time
conditions.
https://www-forbes-com.cdn.ampproject.org/c/s/www.forbes.com/sites/trevornace/2017/09/18/fema-flood-maps-missed-claims-harvey-houston/amp/
Public and Private Infrastructure at Risk
Without both public and private resilience investments, our coastal societies will continue to suffer damage and disruption from flooding and climate change impacts.
A Climate Resilient Coastal Future?
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YES! But, How Do We Get From Here to There?• Resiliency aka/”Climate
Adaptation Success” requires orchestration of efforts by all levels of government, individual property owners (residential and commercial), insurance companies, and finance --
• Starting NOW!
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Rapidly Screen All Portfolio Properties for Flood Risks
• Use new technologies to rapidly flood risk score all portfolio properties;
• For properties with significant flood risks, take a “deeper dive” with parcel-specific, visualized assessment reports.
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Individual Property Flood Risk Assessments
Algorithmic Modeling of Flood Risks - “Before and After” Protection Investments
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BEFORE AND AFTER FLOOD PROTECTION INVESTMENTS
Getting Resilient Example: Raising Land and Sea Walls
Actual Photo of “Dream Home” Built Using Coastal Risk Modeling
Grey Door Luxury Homeswww.greydoorluxuryhomes.com
"Coastal Risk’s models and succinct, but comprehensive, report provided everything we need. We see this as a valuable and differentiating part of our business model and one that gives our clients added confidence when buying one of our homes on South Florida waterways.“ -- Stanley Young, President, Grey Door Luxury HomesBroward Palm Beach New Times, January 2016: “Homeowner Spends 1 Million to Prepare for Sea Level Rise.” http://www.browardpalmbeach.com/news/homeowner-in-las-olas-isles-spends-1-million-to-raise-property-to-prepare-for-sea-level-rise-7533531
Commercial Real Estate Customer “Due Diligence” Example
CRE Customer in California
Pre-Purchase Due Diligence for $2M Investment Property in Florida
Report showed little flood risk and sale completed
Customer Endorsement
“I called Coastal Risk Consulting as part of my due diligence for the purchase of a piece of land on the Eastern coast of Florida because I was very concerned about the possibility of flooding. The Coastal Risk Rapid Assessment™ report I received greatly exceeded my expectations. It was very thorough, helpful, and made it easy to move forward in this $2 million sale. I found this company to be very helpful and responsive. I would recommend Coastal Risk to anyone who is buying, insuring, or funding any piece of property!” -Diana Goulet, Commercial Real Estate Buyer
Flood Risk Due Diligence Online – www.floodscores.com
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Global Flood Impacts - 2017• Bangladesh flooding 2017; 1200
dead; over 41 million affected.• Monsoon collapses building in
Mumbai -- At least 21 people dead; dozens trapped.
• Coastal Risk’s Mission: To help a billion coastal residents around the world get climate ready and storm safe though its technologies.
Global Flood Scores™
• CRC can compute flood and climate risks, globally, with high spatial resolution
• Global Rollout in 2018 with appropriate funding
• Identify physical climate risks in Global Equity Portfolios
What If All Property Owners Had This Visual For Their “At Risk” Buildings In The US and Globally?
Extreme Weather-relatedImpacts
King tide / Sea level riseflooding
Base Flood Elev.= FEMA 100-year Flood Plain
All other elevations calculated by Coastal Risk’s modelingCategory 3 High Tide
(4.4 ft. Elevation NAVD 88)
Base Flood Elevation(6.44 ft. Elevation NAVD 88)
1 ft. AboveBase Flood Elevation(7.44 ft. Elevation NAVD 88)
Category 2 High Tide(4 ft. Elevation NAVD 88)
Category 1 High Tide(3 ft. Elevation NAVD 88)
Category 4 High Tide(6.6 ft. Elevation NAVD 88)
Category 5 High Tide(8.6 ft. Elevation NAVD 88)
King Tide 2045(2.74 ft. Elevation NAVD 88) King Tide 2016
(1.66 ft. Elevation NAVD 88)
King Tide 2030(2.12 ft. Elevation NAVD 88)Indian Creek (80 ft.)
What If We Could Deliver This Information to Their Smartphones?
An immersive Augmented Reality (AR) experience that ties coastal flood LIDAR data to modeled projected flood risks to various extreme weather and flooding scenarios:● View modeled flood levels with live
projections on structures;● Uses Coastal Risk technology for property-
specific flood risk assessments;● Connected to real-time weather alerting.
Flood Protection as a Service™• Phase 1 – Flood Risk
Assessments Online• Phase 2 – Engineering
Evaluations of Risks and Solutions
• Phase 3 – Identification of Adaptation and Resilience Projects and Costs
• Phase 4 – Financing, Implementation & Maintenance
• Phase 5 – Flood Insurance Premium Reductions
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Retractable flood wall deployedduring Hurricane Harvey
Homeowners Can Also Make Cost-Effective Resilience Investments
• Retrofit Examples:–Backflow preventers–Raise HVAC systems–Regrading land–Raise electrical outlets–Removable flood barriers–Elevate ground floor
entrances
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Coastal Risk Customers
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Coastal Risk’s Awards and Recognition
Knight Foundation & Singularity University
2015: Finalist
Smart City Startups 2015: Finalist
Miami Herald Business Plan Challenge 2015:
Finalist
Broward Palm Beach New Times: “3rd Coolest
Startup” 2016
American Business Awards 2016: “Tech Startup of the Year”
American BusinessAwards 2016: “Startup of the Year”
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For Further Information Contact:
Albert J. Slap, President and [email protected]
Rajiv Krishnan, [email protected]
Dr. Leonard Berry, Vice President and [email protected]
COASTAL RISK CONSULTING, LLC(O) 844-SEA-RISE (732-7473)
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*Thanks to Dr. Nancy Gassman for the use of Fort Lauderdale slides and content.
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