What costs the Industry £2.5m a day?
Date: 20th February 2018
Water damage is one of the most common sources of property insurance claims for owners of office buildings, hotels, retail premises and other commercial buildings including blocks of flats.
The value of claims paid by the UK insurance market for escape of water is estimated to be in the region of £2.5m per day*, but the cost and disruption to businesses after a major escape of water incident, is far greater than this figure suggests.
For property owners who will be retaining residential and/or commercial property after construction, it is particularly valuable to consider what can be done at the design and construction phase to reduce losses and control premium once the building is occupied.
Reducing the risk of damage to your property such as fixtures and fittings, contents, machinery and equipment and IT systems will avoid interruption to your business.
Insurers can provide guidance on preventing water loss during construction and during on-going occupancy.
*Association of British Insurers