Or Water Penetration into the Building? Flood means being submerged and Water Penetration means that something like a Water Pipe, Storm Water Drain has been blocked and overflowed into the building and spread a bit of water around the place.
If it is Flood then you [b]Do Not[/b] remove the hardware from the water till you are ready to work on it if there has just been a water pipe burst or overflow things are very different you may get away with just general clean out and look but if they have been submerged it's a different story completely.
If they have been underwater then just suggest replacing everything as it is going to fail very quickly. Here in 1974 we had a small flood which covered a lot of hardware with 30 or 40 feet of water at street lever and more if the hardware was below ground. We reused some of the hardware but none of it lasted more than 3 months but it gave us some breathing space to get replacement Hardware in for all the stuff that had been underwater. The best thing to clean out a computer with a Water in a case like this you hose it out then strip it down and cook the Circuit Boards for at least 24 hours. I still remember standing in a Mainframe room with a Fire Hose cleaning Millions of $ of hardware out so it could be reused till it could be replaced. Not something I even want to do again but it was an interesting feeling to watch it happen.
If it has just been wet on the outside of the cases things like Monitors should be replaced and Printers. Switches and that type of external stuff as it's just not economical to spend too much time on messing around with it unless what they call a printer is a Photocopier that is Network Capable then you should get the Agents for that make of copier in to have a look see as a $40,000.00 Copier is generally speaking worth while repairing if things are not too bad.
The computers themselves open the cases and look on the bottom of them if you see dried mud replace those and the others can be reused if there are no signs of rust in the cases. Look at Air Vents like Fan Grills for early rust signs and don't forget the ones in the front of the cases behind the Front Plastic Panel. Before applying Power disconnect the Power Supply and plug in a ATX PS Tester something like one of these
http://tinyurl.com/38hume
While not Perfect they do give you a starting point to work from. If the PS Tests OK and there is no sign of rust in the case then refit the PS and test the computer. If it doesn't start don't bother any more as it is just time that you will be wasting fit that one up for replacement and move on to the next one and so on till you have looked at them all.
If they work throw some Diagnostic Testing Utility at them like the Ultimate Boot CD and Torture Test the Hardware. If it passes the unit is probably OK to use and if it fails that one needs replacing. Not a perfect test as it's time consuming but all things like this are so you need to work out what is an acceptable amount of time to spend on each computer to see if it's economical to consider reusing. You really need to look at the thing and work accordingly as there are no hard & fast rules here you have to look at every one individually and make a [b]Best Guess[/b] at the time.
With the servers spend a lot of time looking at these and if at all concerned err on the side of caution and replace them. After all you don't want to be involved in a Long Protracted Legal Action for the Company going Broke and suing you and the Insurance Company for the Loss Suffered.
If you haven't got a copy of the Ultimate Boot CD it is available here
http://tinyurl.com/3jnpy
Any computers that you need to test should be lined up and run with one of these Disc's in the Optical Drive for a few days doing one of the Stress Tests that are endless and if they fall over replace the unit. If they run fine for a few days open up the cases completely including removing the Front Panel and have a good look at the condition of the case.
Sorry but that is about all I can suggest off the top of my head. If you have been through it previously you know exactly what to look for but it is very hard to describe to someone who hasn't even seen this previously. But your Eyes are your Best Tool here so use them and use them a lot. Any sign of Dullness on the M'Boards should mean replacing the computer the same as any signs of Blueing, White/Creamy Marks or corrosion don't even bother going any further it's just a waste of time as the unit needs replacing.
If there has been a couple of feet of water through the building don't forget the Networking Cabling either as this along with the electrical Sockets & Wiring also need replacing.
I hope that you are getting well paid by the Insurance Company here as they should be paying for th Quote for Repairs.
Cheers
Col