Residential Escape of Water and Distressed Risk
£2.5m is paid daily by the insurance industry for Escape of Water (EOW) claims – the biggest cause of damage to homes across the UK. Cost to the industry is high, but to the householder it can be distressing and inconvenient. This new scheme uses leak detection technology (Waterlock) to protect policyholders and insurers alike, creating the opportunity for competitive premiums.
Magenta Insurance takes a two-pronged approach. Firstly, it uses leak detection technology to protect policyholders and help prevent claims. Secondly, it offers flexible underwriting of household insurance with discounts for customers using the technology.
Brokers can take full advantage of the latest technology to offer their customers the opportunity to install the Waterlock device in their home, which can both detect water leaks and also shut off the water valve to prevent further damage.
The technology comes with an ‘App’ that notifies users about the first signs of a leak and allows them to simply and remotely manage their home’s water supply.
- Policyholders with previous EOW claims history and high associated excesses
- Homeowners with high premiums due to EOW
- Distressed risks under the following categories:
– Distressed risk across the majority of residential property types and uses.
– Let properties
– Holiday homes
– Unoccupied properties
Key policy features
- Flexible underwriting approach
- Technology recognised by insurers for risk mitigation
- Large premium discount offered in recognition of the installation and use of Waterlock
Key benefits to members
- New generation of technology backed EOW policies delivers meaningful premium savings
- Effective solutions for clients
- Empowering brokers to offer innovative technology that gives policyholders peace of mind
- Use of technology to improve outcomes for brokers, policyholders and insurers
- Distressed risk appetite