Water is the primary reason for rising commercial property claims costs and experts are putting the blame squarely on one major issue: deteriorating infrastructure. “About $4-$6 billion a year is paid out in commercial property claims in Canada,” explains April Pittendreigh, vice president of national claims at Gallagher Canada in the Canadian Underwriter. “Water claims have more than doubled since 2015. But if it’s a large water damage claim — like in a high-rise building in metro areas — those claims costs have tripled since 2013.”
WINT and HSB are proud to announce a groundbreaking initiative that aims to protect general contractors and developers from the steeply rising water damage costs. Now, you’ll be eligible for up to $250,000 relief on your water damage-based deductibles, thanks to an industry-first warranty program leveraging HSB’s extensive data-based insurance solutions and WINT’s advanced AI-based leak-mitigation technology.
The damages water can cause
Water damage is a prevalent issue affecting large and small construction projects. In fact, it has become just as significant a risk in construction sites as fire and has the potential to completely halt the progress of a construction endeavor. Whether it’s exterior-driven (rain seeping into a structure through unfinished windows or openings in the roof for instance), or interior-driven (leaky plumbing systems or pipe bursting), water damage poses a significant threat to buildings under construction.
The consequences of water damage are manifold. It can destroy interiors, foster mold growth, and harm electrical equipment. Moreover, it delays construction as affected areas need time to dry out and damaged materials must be replaced. This, in turn, can result in reduced profits and substantial delays in meeting completion deadlines. Contractors often bear some of the costs themselves, including deductibles, expenses for debris removal that surpass the insurance coverage, and lost income caused by delays, not to mention the detrimental impact on reputation.
HSB and WINT – mitigating the risks of water damage
HSB, a member of Munich Re’s Risk Solutions family, is a leading global engineering and technical risk insurer, providing reinsurance and specialty insurance, inspection services and engineering consulting.
WINT is a leading water management company. We equip contractors, developers, owners and facility management teams with a cutting-edge solution for managing water throughout the lifecycle of a building, from construction to operation. Our cutting-edge technology combines advanced AI analysis with high-accuracy metering to deliver advanced data analytics, anomaly detection, and automated water shutoff. WINT’s scalable solution can be fitted to buildings of every size (like the Empire State Building) and construction sites.
WINT protects contractors and developers from the business disruption and costs associated with water leak damage while enabling them to preserve water and reduce their environmental footprint.
About the HSB-backed performance warranty
The innovative warranty program, an industry-first backed by HSB, offers construction companies and real estate developers comprehensive protection by combining WINT’s advanced leak detection technology with HSB’s insurance expertise.
With a demonstrated ability to reduce water-related claims on construction sites by 75%, and their related financial losses by 90%, WINT’s track record was the main driver of HSB’s endorsement.
The program is available for contractors and developers who use WINT to protect their job sites from water damage in the United States and Europe. In the unlikely event that a WINT system cannot prevent leak damage, HSB will reimburse the cost of the insurance deductibles up to $250,000. This means less cost overruns, fewer project delays and less water-related damage.
Katie Voss, Vice President of Risk Management at Brasfield & Gorrie, explains how WINT has had a positive impact on the company’s construction projects: “We implemented the WINT AI-powered water intelligence system on several recent projects to help reduce costs and time lost due to water leaks on construction projects, drawing a clear line to minimizing risks in project budget and timeline.”
Talk to us today
At WINT, we’re always looking for new ways to save our customers money, contribute to sustainability efforts, and reduce water waste. Talk to us today to learn more about the warranty and how to save on your insurance costs.
