Customers of British Insurance Brokers’ Association (BIBA) members are set to benefit from a two-pronged Magenta Insurance scheme offering protection against water damage in the home.
Magenta, part of the inet3 Group, will provide the Waterlock leak detection device to BIBA members’ policyholders, as well as flexible underwriting of household insurance with discounts for customers using the technology.
The Waterlock device can detect water leaks and shut off the water valve to prevent further damage. It comes with an app that notifies users about the first signs of a leak and allows them to simply and remotely manage their home’s water supply.
The insurance side of the scheme gives BIBA members access to capacity, for risks with previous escape of water claims history and high associated excesses and/or premiums, as well as distressed risk across the majority of residential property types and uses.
Mike Hallam, head of technical services at BIBA, said of the partnership: “Escape of water is a peril that costs the industry millions of pounds, so we are delighted to be working with Magenta on a way to address this. Giving our members the opportunity to use cutting edge technology for the benefit of their customer, shows how close collaborations can lead the way in insurance solutions.”
Catherine Bell of Magenta Insurance added: “Escape of water is much more disruptive and distressing than policyholders realise, until it happens to them. It can turn lives upside down and whilst insurers can replace possessions and repair homes, they can’t protect against many other consequences, like replacing memorabilia, photos and treasured items, or remove the inconvenience to living your daily life during the repair, which further compounds the stress experienced when your home is flooded.”