Helping your clients to mitigate the risk of water damage
Every day in the UK, £1.8m is paid out in claims relating to the escape of water. These water leaks can cause untold damage and disruption commercially – accounting for approximately a third of all claims by value.
The impact of water leaks extends beyond physical assets such as buildings, fixtures, furnishing, equipment and IT systems. From a commercial perspective, the effects are also likely to lead to further costs such as interruption to business, supply chain and profitability, as well as increased future insurance costs.
In recent years, we’ve seen an increase in the frequency and severity of water damage incidents on construction sites. A water or fluid leak near to completion of a construction or fit-out project can be catastrophic, resulting in significant disruption, delays and spiralling costs.
| Number of Years No Claim Discount | Average NCD Discount in 2019 |
|---|---|
| 1 year | 34% |
| 2 year | 34% |
| 3 year | 35% |
| 4 years | 37% |
| 5 years | 49% |
The new water damage risk management Guide
We can help you take the necessary steps to prevent and minimise the impact of water damage incidents. Discover our latest Water Damage Guide from our Risk Management Solutions team today
Download guide here
It contains helpful advice to manage and assess water damage, as well as a real-life case study.