What costs the industry £2.5m a day?

Article Publish Date: Tuesday 6 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.

Aviva provides guidance on preventing water loss during construction and during on-going occupancy:

Aviva have also teamed up with preferred suppliers Leaksafe and Waterguard to provide tailored leak detection and prevention systems for both commercial and residential properties. To find out more, visit their websites at:

If you’d like more information or assistance, please have a look at our risk management brochure, visit Aviva Risk Management Solutions or contact us at riskadvice@aviva.co.uk

 

*Association of British Insurers

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