WHITEHOUSE STATION, N.J., Feb. 25, 2020 /PRNewswire/ -- To help protect clients and their properties from the growing risk of water damage, Chubb is issuing two new resources created specifically for personal and commercial insurance clients.
"Being proactive is the best way to help combat internal water-related risks in the home," said Fran O'Brien, Division President, Chubb North America Personal Risk Services. "Without the proper preparation and necessary insurance coverages in place—particularly if a leak happens while you're not there to handle it—property losses can be a significant source of unexpected out-of-pocket costs."
Chubb's Third Annual Homeowners' Risk report and the Preventing Water Damage whitepaper examine water trends relating to property protection and risk mitigation behavior. The resources also include actionable tips homeowners and business owners can take to prevent leaks and minimize damage, should a claim occur.
"Water losses are a global issue and are severely impacting businesses of all sizes and industries," said Derek Talbott, Division President, Chubb North America Commercial Property. "The frequency and cost of water damage losses continue to increase. Fortunately, there are a number of innovative technologies that can help clients reduce the potential for losses and avoid business disruptions. Chubb risk engineers can help assess clients' vulnerabilities, and suggest the best and most cost effective loss mitigation options for interior water damage-related exposures."
Chubb is committed to helping clients take a "predict and prevent" approach to mitigating a variety of exposures.
Third Annual Homeowners' Risk Report:
Chubb's annual study finds that when it comes to water damage, homeowners express concern about property protection yet continue to take a passive approach to risk management.
Specifically, the study identifies several inconsistencies between homeowner beliefs versus their actions:
The report also examines how homeowners perceive their neighbors and undertake home protection behaviors while traveling, as well as what they are planning when it comes to renovations.
Preventing Water Damage Whitepaper
Designed to provide agents and brokers, risk managers, and facilities managers with the knowledge and tools to understand water leaks, the whitepaper underscores that:
The whitepaper also looks at Internet of Things (IoT) sensor technology that has the ability to detect a small amount of leaking water and alert building staff, potentially preventing catastrophic losses. In addition, the paper provides information about important features when selecting a leak detection vendor, along with a checklist for building a commercial water damage mitigation plan to help reduce the impact and costs of water damage on a business.
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs more than 30,000 people worldwide. Additional information can be found at: chubb.com.