FRI (Single-Let) Audit
Audits of properties under a Full Repairing and Insuring (FRI) lease form a key part of an effective risk management programme to maintain good visibility of an asset to the property owner, investor or insurer. FRI Audits highlight any implications for insurance and asset protection, whilst also providing mitigation relating to reputational risks.
What are the benefits?
FRI Audits help ensure asset
protection, preservation of asset value and
prevention of long-term property compliance issues. Additionally, FRI
Audits provide visibility of compliance and risk to the asset owner,
making it easier to provide assurance that assets are being well-managed
and protected. Helpful in preventing potential incidents and possible
litigation, FRI Audits can also help protect against reputational issues,
of particular significance, given the current climate surrounding fire safety
scrutiny in the UK.
Many investors mitigate these risks by undertaking FRI Audits on their
properties to ensure that any safety risks to their asset are identified and the occupiers are complying with any
How can the S2 Partnership help?
The S2 Partnership will undertake a full property inspection of FRI sites including the following elements:
- General information about the property, including site description, use, and occupiers’ information
- Observation of how key safety management issues are being controlled by the occupiers, (where those issues could impact on the asset, reputation and civil liabilities), including Asbestos is the single greatest cause of work-related deaths in the UK1. Asbestos was extensively used in construction materials up until the late 1990s, and is present in a significant number of bu... More Management; The growth of bacteria in water systems is a common cause of potentially-fatal Legionnaires’ disease. Recent outbreaks of Legionella have highlighted the need for stringent water hygiene risk mana... More Management (Control of Legionella); Fire Safety Management
- Visual inspection of building structure, its physical condition, maintenance, general appearance and housekeeping, including waste, vermin and pests
- Visual inspection of fire systems, electrical and gas services, plant and equipment
- Inspection of site for significant environmental issues, including pollution, flooding and other actual or potential environmental liabilities
A report will be produced following each visit, detailing observations identified.