Disaster planning and contingency

My company has decided to start a disaster recovery and contingency team to formulate an action plan that will help us survive/compete in the case of a serious disaster. I have been network admin at 3 places and had never been exposed to such a team. My teammates figure since the IS department is the spinal column of the company it would only be logical to make me the leader of the team.
I never realized how many aspects there are for recovering from the worst case scenario. We are a chemical manufacturer which makes for a bit more disasters that are possible.
I was curious to know how many of you have these types of plans or teams and maybe offer a little insight or ideas from experience.