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 an 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 client’s are one of the unlucky EOW lottery, you can offer a new innovative solution to help them avoid the misery. We are the approved BIBA EOW and Distressed Risk Scheme providers and our solution helps brokers access the insurance their client’s otherwise can’t find.
BIBA has appointed magenta insurance to provide its members with a scheme to help customers protect themselves against Escape of Water (EOW) in the home. EOW costs the industry £2.5m per day in claims, not to mention the distress and inconvenience to householders. Magenta’s scheme looks to help prevent this.
geo's, new Waterlock™ system was specifically designed to reduce the risk, hassle and expense of water damage claims for insurance companies and their customers.
Waterlock’s innovative technology will reduce escape of water losses by detecting standing water, excess humidity and freezing conditions. Unlike most systems on the market today, it not only detects risk 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 insurance industry pays out £2.5m every day to customers for escape of water claims.
- 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 cases costs were significantly more.
- Less than half of the cost of escape of water 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.