The high costs associated with water damage on jobsites represent a significant and growing threat to the productivity and profitability of the construction industry. Property damage, project delays and rapid escalation builder’s risk insurance costs can create major headaches for general contractors.
Water damage incidents account for more than 30% of construction-related insurance claims each year and total approximately $16 billion in payouts annually. In response, insurance companies are no longer on the fence and are starting to act. It is now widely noted that deductibles for water-related claims are skyrocketing, rising sharply from tens of thousands of dollars a few years ago to a million dollars or more in some cases. In addition, approximately 25% of the water entering a building over its life cycle is being wasted due to leaks, poor equipment or old and inefficient technology.
For years, the industry has accepted water damage as part of the overall cost of a construction project. But it doesn’t have to be that way. Taking proactive steps to ensure your job site is waterproof and efficient can reduce stress throughout the project, mitigate risk and help contractors save a significant amount of money while having the peace of mind that their project of construction will reach the goal punctually and punctually. – budget
A new generation of technology applications offers proven water management solutions for the construction industry. By effectively detecting water damage in real time as it occurs and minimizing the costs associated with its repair, these solutions allow contractors, developers, insurers and other stakeholders to also mitigate the impact on insurance policies. insurance
A recent study When comparing construction sites that used such advanced technology to those that did not implement such systems on site, the sheltered sites were found to result in significantly less water damage. Of the sites surveyed, 41% used this technology, but they only accounted for 11% of insurance claims, which is, in simple words, 75% fewer claims. In addition, protected sites generated only 4% of insurance payouts, meaning 90% less loss in terms of the financial impact of water damage compared to sites that did not use the same technology.
These solutions, such as WINT Water Intelligence, they work throughout a project and continue throughout the building’s operational phase. Using artificial intelligence and cutting-edge IoT technologies, WINT identifies leaks in real time and stops them at the source, long before damage occurs. By detecting leaks, alerting your equipment to anomalies and automatically shutting off the water supply in the event of a water incident, you can mitigate and prevent damage, without having to deal with insurance implications. The leading cloud-based solution can communicate over Ethernet, Wi-Fi or cellular networks and supports backup power, so it can be deployed even before Internet and the electrical infrastructure. So it will continue to work and protect your site in the event of service outages or outages.
WINT Water Intelligence delivers proven results to over 400 organizations worldwide, including giants Microsoft, HP, PepsiCo, Suffolk and Mace Construction. WINT’s track record of success positions its innovations at the forefront of the construction industry and insurance companies are taking note. Numerous insurance companies offer financial benefits to WINT-protected installations through lower deductibles and premiums, while some simply require WINT to be installed as a prerequisite for coverage.
In 2023, WINT presented the first of its kind Water damage warranty programbacked by the world’s leading insurance group – HSB / Munich Re, which covers up to a quarter of a million dollars for water damage to construction sites in the unlikely event that WINT systems cannot prevent these water incidents – protecting general contractors and developers from the skyrocketing costs of water-related deductibles. In some cases, it even eliminates out-of-pocket spending on deductibles entirely.
Click here to learn more about WINT’s commitment to helping businesses prevent water damage and mitigate the risk of water-related insurance claims.
