Backed by HSB, the warranty provides peace of mind through a financial relief up to $250,000 to contractors and developers who implement WINT’s AI-based leak mitigation solution
NEW YORK — November 9, 2023 — WINT Water Intelligence, , a leader in cutting-edge water management and leak-prevention solutions for construction, commercial, residential and industrial applications, is announcing the expansion of its successful water damage warranty program for the construction industry to meet growing demand for the groundbreaking initiative.
The first-of-its-kind warranty program, backed by the Hartford Steam Boiler (HSB), a Munich Re company, is transforming builder’s risk insurance by mitigating the steeply rising costs of water damage claims on construction sites. The warranty provides up to $250,000 of coverage for water damage from systems protected by WINT at the site.
“Industry leaders have seen the immediate benefit of combining WINT’s powerful technology solution with HSB’s strong reputation for high-quality performance-warranty solutions. Water damage is the top source of pain on construction projects. It accounts for 30% of the loss ratio on builder’s risk policies, driving up costs at an unsustainable rate,” said Yaron Dycian, chief product and strategy officer for WINT.”
A recent study shows construction sites protected by WINT dramatically reduce the number and impact of water damage incidents. Sites with WINT installed were found to submit 75% fewer claims and resulted in 90% less payouts relative to sites without this protection.The warranty is backed by HSB Group, a member of Munich Re’s Risk Solutions family and a leading global engineering and technical risk insurer providing reinsurance and specialty insurance, inspection services and engineering consulting.
The warranty is backed by HSB Group, a member of Munich Re’s Risk Solutions family and a leading global engineering and technical risk insurer providing reinsurance and specialty insurance, inspection services and engineering consulting.
“We’ve exhausted the capacity originally set for the program’s initial 12 months within approximately half that time, and we’ll soon be increasing it. This is a strong signal from the market of the need for this type of solution”, added Dycian.
The warranty program together with WINT advanced water management solutions will be introduced to the industry at the International Risk Management Institute (IRMI) 2023 Construction Risk Management Conference (CRC) on November 12–15 in Orlando, FL.
WINT equips contractors, developers, owners and facility management teams with an AI-based solution for managing water throughout the lifecycle of a building, from construction to operation. WINT’s cutting-edge solutions help companies fight water loss and damage and reduce the environmental impact of an increasingly scarce resource. The next-generation WINT platform includes automated leak mitigation with real-time detection and auto shutoff; unparalleled anomaly detection and analytics powered by advanced AI algorithms; enterprise-grade management for operation in large and mid-sized facilities; backup power to ensure uninterrupted water management and valve activation even during power outages; autonomous operation in case of communication failures; flexible communication options, including Wi-Fi, Ethernet, 4G and 5G cellular; and capacity to protect all water systems in a building.
About WINT
WINT Water Intelligence is dedicated to helping businesses reduce their environmental footprint by preventing the hazards, costs, waste and environmental impact associated with water leaks and waste. Utilizing the power of artificial intelligence and IoT technology, WINT provides a solution for commercial facilities, construction sites and industrial manufacturers looking to cut water waste, reduce carbon emissions and eliminate the impact of water-leak disasters. WINT has been recognized by Fast Company and CB Insights as one of the world’s most innovative AI companies and has won multiple awards including “Next Big things in Tech” and Insurance Times’ claims prevention technology award. It was also listed at the top 30% of Inc 5000 – the fastest growing companies in America in 2022.
For more information about WINT, visit www.wint.ai
About Hartford Steam Boiler
HSB, part of Munich Re, is a multi-line specialty insurer and provider of inspection, risk management and IoT technology services. HSB insurance offerings include equipment breakdown, cyber risk, specialty liability and other coverages. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 150-year history HSB’s mission has been to help clients prevent loss, advance sustainable use of energy, and build deeper relationships that benefit business, public institutions, and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior).
For more information about HSB, visit www.hsb.com
[source: prnewswire.com]
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