Water damage is a growing concern for the commercial real estate industry, with claims for water damage now constituting 47% of all insurance claims.
The study analyzed the financial impact of both leak detection systems and water flow management devices in a selected large commercial real estate operation. The results showed that water damage protection systems would have positively affected, to some significant extent, 58% of the total number of water loss claims incurred (frequency) and would have reduced total water damage losses (severity) incurred by 23%.
"Water damage is the leading cause of property damage and loss," said
The study also found that as the value of the water damage claim increases, so does the mitigation effectiveness in reducing loss amounts by utilizing water protection systems. This is particularly significant for commercial real estate operations, as water damage claims in buildings of this type can result in substantial financial losses.
"Early detection and prompt response are key to minimizing the impact of water damage in commercial properties," said
About Eddy
Eddy offers a full-service water management technology that includes water leak detection, asset protection, and water conservation. Our technology continuously monitors the flow, temperature, and pressure conditions within the domestic water system, and can also detect emergency situations, protect by shutting off the water remotely, and provide insights on the water systems to owners, operators, engineers, and manufacturers.
White paper: "The Effectiveness of Water Leak Detection Devices in Commercial Real Estate Operations" by Aon, https://insights-north-america.aon.com/white-paper/aon-the-effectiveness-of-water-leak-detection-devices-in-commercial-real-estate-operations-whitepaper
Neither
SOURCE
© Canada Newswire, source