Escape of Water (EOW) is the largest peril in property insurance and the scale and severity of the exposure to insurers is on an unprecedented scale. So much so that many will not insure the peril if a client has had a significant EOW. We are approaching this proactively and working hand in glove with a mitigation and preventative solution to tackle the issue. Instead of waiting to see if your clients become victims of the EOW lottery, you can offer a new innovative solution to help them avoid this misery. We are the approved BIBA EOW and Distressed Risk Scheme providers and our solution helps our brokers access the insurance their clients otherwise can’t find.
EOW costs our industry £2.5m per day in claims, not to mention the distress and inconvenience to homeowners. Our scheme looks to help prevent this.
geo's innovative technology Waterlock™ was specifically designed to reduce the risk, hassle and expense of water damage claims for the insurance industry. It will reduce EOW losses by detecting standing water, excess humidity and freezing conditions. Unlike most systems on the market today, it not only detects water, but also offers the ability to instantly shut off the mains water supply. Combined with an intuitive and easy to use App, Waterlock’s™ early leak detection gives homeowners peace of mind and control of their water whether they’re at home or away.
- The ‘Big Chill’ between October 2010 and February 2011, caused damage to as many as 3 Million homes.
- Typical cost of household damage caused by burst pipes averaged up to £7,000 during that cold spell, but in some case’s, costs were significantly more.
- Less than half of the cost of EOW claims in the UK by consumers is reimbursed by their insurers.
- Only 18% of UK consumers close the mains pipe and the inflow to the washing machine before they go away.