The mounting risk of water damage was the subject of Aon Canada’s April 9th webinar, aimed at providing proactive education to their client base – some of whom include the country’s largest commercial organizations. Eddy was on hand to discuss our Intelligent Leak Protection as part of the water damage risk webinar.
Water damage, defined as “water escaping from or through unnatural objects such as pipes, HVAC systems, sprinklers, roofs, walls, water fixtures, etc.,” continue to plague commercial clients.
The Aon webinar detailed the growing water related claims, specifically:
• In 2013, water damage claims accounted for 44% of claims; by 2018, these grew to more than 60% (Source: Insurance Bureau of Canada)
• Burst pipes and burst pipes due to freezing account for 63% of the cause of water damage claims (Source: AIG)
• Damage losses continue to increase, in part due to the growth of vertical construction, technical complexity of systems, aging infrastructure, and weather pattern changes (Source: Aon)
Aon’s webinar detailed water damage risks and tips for prevention and maintenance, risk assessment and preventative maintenance. As part of the webinar, they featured detection through sensors/automatic shutoffs, and specifically Eddy’s Intelligent Water Monitoring technology.
Shkya Ghanbarian and Elliott Samuel, two of Eddy’s senior sales directors, discussed the substantial benefits of leak protection through sensors and shutoffs. Specifically referencing the value of intelligent leak detection, both spoke on the importance of tapping into IoT driven platforms to protect all parts of a building, including during the construction phase. Eddy’s technology platform, LoRaWAN, a low frequency communication protocol that works well in buildings where rebar and concrete make cellular and Wi-Fi connectivity challenging.
“Aon has taken proactive steps to shed light on an often-overlooked need, demonstrating their extensive commitment to provide superior customer service excellence,” elaborated Travis Allan, Eddy’s CEO and President. “It’s a pleasure to be a part of this event, as our system provides a holistic approach to water management, giving building operators/managers the insights and control to effectively mitigate expensive damage.”
The session further detailed changes that are coming to the industry, which will impact developers and building operators significantly. Insurance companies are implementing tighter controls and requiring greater underwriting detail. Higher deductibles are expected, and, in some cases, the water damage deductible will be higher than all other perils. Clients will be expected to implement water damage mitigation plans and invest in leak detection technologies where feasible.
About Eddy
Eddy Solutions is an industry leader in leak protection and water monitoring solutions. Our suite of smart products offers a comprehensive water management system for building operators and homeowners that protects, controls, and conserves water. Our products have saved thousands of customers millions of dollars in damages and millions of litres of water waste by continuously monitoring water usage in their properties. For more details, please contact us at 1 877 388 3339 or email info@eddysolutions.com.
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