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 to protect policyholders from an EOW event. The system enables early detection and switch-off of water thus alleviating high volume water damage.

magenta provides a one-stop solution to combat EOW problems. We have uniquely brought together industry leaders to deliver a solution encompassing EOW risk reduction, specialist underwriting, an inspection service and a best-in-class claims service to deliver a quality service with empathy, efficiency and cost control. The
customer is always at the heart of everything we do.

Target risks
– Homeowners with previous EOW claims history and high
associated excesses
– Homeowners with high premiums due to EOW
– Distressed risks across the majority of residential property types and uses

Key policy features
– Flexible underwriting approach
– Technology recognised by insurers for risk mitigation
– Generous savings on premium offered in recognition of the installed EOW technology

Key benefits to members
– Distressed risk appetite
– Delivers meaningful cost savings for policyholders
– Provides brokers with an effective EOW solution for clients
– Empowering brokers with innovative technology that gives policyholders peace of mind
– Use of technology to improve outcomes for brokers, policyholders and insurers and their clients
– Access to a specialist EOW claims handling service (Magentaone)

Provider

Contact

April Stowers

Three Whiting Street
Bury St Edmunds
Suffolk
IP33 1NX

[email protected]
03300 555 210
07849805289

Website
www.magentainsurance.co.uk