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 homeowner it can be distressing and inconvenient. Our new scheme uses leak detection technology to protect policyholders and insurers alike, creating the opportunity for competitive premiums.

magenta insurance takes a three-pronged approach:

  1. We use leak detection technology to protect homeowners and help prevent claims
  2. We offer flexible property underwriting  with premium discounts  and no increase in excess when using the technology
  3. If a claim occurs, we offer an efficient, seamless claims service that you will be proud to offer your clients

Brokers can take full advantage of smart technology to offer their clients the opportunity to install a leak detection device in their home at a discounted price and even a technology commission attached if required, The technology enables your client to easily turn off the mains water when leaving their home. If that is not practical for their lifestyle, when the product detects water leaks, it will automatically shut off their mains water, which will minimise the risk of loss and reduce the likelihood of larger incidents. This gives real control to your client and reduces the possibility of having a higher premium or excess imposed, or even not being able to get cover for EOW at all.

An ‘App’ links the leak detection technology into a smartphone, to allow constant access and control. Temperature and humidity are continually monitored, allowing for slow leaks from behind sanitary ware, underground or through ingress, to be detected.

Target risks

  • Homeowners 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
    – Second homes/holiday homes
    – Unoccupied properties

Key policy features

  • Technology recognised by insurers for risk mitigation
  • Flexible underwriting approach
  • Premium discount offered in recognition of the installation and use of the leak detection technology

Key benefits to members

  • New generation of technology-backed EOW policies, delivers meaningful premium savings
  • Discount on the technology for your clients and commission available
  • Empowering brokers to offer innovative technology that gives their clients peace of mind
  • Use of technology to improve outcomes for brokers, their clients and insurers
  • Distressed risk appetite

 

Provider

Contacts

April Stowers FCII, ACILA, FIFAA

Address
magenta insurance
Three Whiting Street
Bury St Edmunds
Suffolk
IP33 1NX

Telephone: 03300 555 210

Email: [email protected]

Website www.magentainsurance.co.uk