ASBESTOS

I have learned from RICS about the dangers of Asbestos asbestos-containing materials, So I think it will be a great idea to share some of what I have learned.

Let's begin with What RICS Expects from a property valuer regarding Asbestos.

1. Awareness and Disclosure:

• Property valuers should be aware of the potential presence of asbestos-containing materials (ACMs) in buildings they are valuing.
• Any known or suspected presence of ACMs should be disclosed in valuation reports to ensure transparency.

2. Health and Safety:

• During inspections, valuers should take care and follow required health and safety measures after conducting a proper risk assessment of the dangers related to the existence of ACMs.
• Wearing appropriate personal protective equipment (PPE) is essential to minimize exposure risks.

3. Legal Compliance:

• Regulatory Requirements: Valuers must ensure compliance with relevant regulations and guidelines concerning asbestos management and disclosure, such as the Control of Asbestos Regulations 2012 in the UK.
• Due Diligence: Thorough due diligence should be conducted to identify any legal obligations related to asbestos management that may affect the property's value or marketability.

4. Risk Assessment and Mitigation:

• Assess the impact of asbestos on the value of the property, considering factors such as the type, condition, and extent of ACMs present.
• Provide recommendations to mitigate risks associated with asbestos, such as implementing an asbestos management plan or conducting further surveys and testing.

5. Marketability Factor:

• Recognize that the presence of asbestos may affect the marketability and saleability of the property, potentially impacting its market value.

6. Professional Development:

• Continuing Education: Valuers should stay informed about developments in asbestos regulations, best practices in asbestos management, and emerging trends in property valuation.
• Undertaking continuing professional development (CPD) activities is essential to maintain competence in assessing the impact of asbestos on property values.

What is asbestos ?

Asbestos is a group of natural fibrous minerals composed of thin, needle-like fibers.

These minerals are found in rock formations all over the world.

History

The history of asbestos traces back to ancient civilizations such as the Egyptians, Greeks, and Romans, It was noted that slaves working with asbestos experienced shortened lifespans.

However, it was during the Industrial Revolution that asbestos gained significant attention. Canadian geologist Sir William Edmond showcased asbestos in London, where its remarkable versatility astonished many, leading to a surge in demand.

During its prime, asbestos found its way into countless products, from kitchen gloves to ironing board covers and pipe insulation. Its versatility made it a go-to material for manufacturers across various industries. This era marked a significant period in asbestos history, where its fire-resistant properties and durability made it a staple in households and factories alike.

Health dangers

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