TORONTO, Feb. 7, 2023 /CNW/ – Eddy Smart Home Solutions Ltd.’s (Eddy) (TSXV: EDY) is pleased to share findings of a recent study completed using data from a 5-year period on the effectiveness of water protection systems in reducing losses from water damage claims. Conducted by Aon Canada’s Real Estate Practice, the study found that the proper installation, monitoring and use of water leak detection technologies can significantly reduce the total damages incurred for insurance water damage claims for owners of commercial real estate operations.
Water damage is a growing concern for the commercial real estate industry, with claims for water damage now constituting 47% of all insurance claims.
The study analyzed the financial impact of both leak detection systems and water flow management devices in a selected large commercial real estate operation. The results showed that water damage protection systems would have positively affected, to some significant extent, 58% of the total number of water loss claims incurred (frequency) and would have reduced total water damage losses (severity) incurred by 23%.
“Water damage is the leading cause of property damage and loss,” said Mark Silver, CEO of Eddy Solutions, the intelligent water protection provider featured in the study. “This white paper highlights the importance of incorporating water leak detection devices into commercial property operations to minimize the risk of damage and associated costs.”
The study also found that as the value of the water damage claim increases, so does the mitigation effectiveness in reducing loss amounts by utilizing water protection systems. This is particularly significant for commercial real estate operations, as water damage claims in buildings of this type can result in substantial financial losses.
“Early detection and prompt response are key to minimizing the impact of water damage in commercial properties,” said Peter Kennedy, Managing Director at AON and the author of the white paper. “By incorporating water leak detection devices into your building’s operations, you can effectively reduce the risk of water damage and associated costs.”
Eddy offers a full-service water management technology that includes water leak detection, asset protection, and water conservation. Our technology continuously monitors the flow, temperature, and pressure conditions within the domestic water system, and can also detect emergency situations, protect by shutting off the water remotely, and provide insights on the water systems to owners, operators, engineers, and manufacturers.
White paper: “The Effectiveness of Water Leak Detection Devices in Commercial Real Estate Operations” by Aon, https://insights-north-america.aon.com/white-paper/aon-the-effectiveness-of-water-leak-detection-devices-in-commercial-real-estate-operations-whitepaper
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SOURCE Eddy Smart Home Solutions Ltd.
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