UKAA Webinar: Managing the risk of major Escape of Water (leaks) in BTR properties
According to data from the Association of British Insurers, damage caused by water leaks, or Escape of Water (EoW), from burst or faulty pipework, is the number one cause of property insurance claims in the UK today, both by volume and value. It accounts for more than fire and theft claims combined and c. £1 billion is paid out in residential claims alone each year.
The repercussions for a BTR owner/operator in the event of a catastrophic leak can be significant, including tangible impacts such as cost of restoration, loss of income and increased insurance premiums, through to the intangible such as reputational damage with customers.
With the BTR sector in its relative infancy, how can investors and operators ensure they manage their EoW risk from the outset and minimize the costly and disruptive effects a major leak can have.
This webinar brings together a panel of experts on the topic, from the insurance, development and building products industries, to provide their insights and help attendees consider how they can manage the risk on their existing and future properties.
Learning Outcomes
- To raise awareness of the growing risk of Escape of Water events in residential blocks such as BTR properties and the impacts they can cause
- Provide an insurance view on the trends being seen in Escape of Water claims and how insurer attitudes to risk on developments is being affected
- Highlight the consequences of such Escape of Water events
- To inform attendees on the practical steps that can be taken to minimise the risk of Escape of Water, including risk assessments and technology that can monitor for leaks and trigger a mitigating action
Speakers
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Andrew Jones, Director, Aqualeak Andrew has been a Company Director at Aqualeak since 2018 and is responsible for overseeing all Business Development aspects of the company. This includes being the primary relationship contact with the insurers, developers and property management companies that Aqualeak works with. Aqualeak is a leading, specialist provider of a wide range of water leak detection and protection solutions. Its products and systems are installed across a wide range of property types, including residential, commercial and industrial, protecting them from costly and disruptive water damage that can occur from burst and faulty pipework. As an integrated water leak detection provider, Aqualeak designs, supplies, installs, commissions and maintains many of its own systems, allowing us to meet customers’ specific requirements. |
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Emma Vigus, Business Development Director – Real Estate, Aon The Aon Real Estate team specialises in advising on and placing property, legal indemnity, and rights of light insurance for real estate investors and asset managers. In addition to her role at Aon, Emma is a member of the British Property Federation Build to Rent Committee and, also chairs Women in Residential Property. Prior to joining Aon, Emma held Board level roles in two PropTech businesses having previously specialised in professional indemnity insurance for property consultants. |
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James Didlock, Real Estate Claims Director, Aon |
