Burst pipes, roof leaks, overflowing toilets, and leaking appliances can cause significant damage, with losses ranging well into the millions of dollars. These types of water damage can also result in business interruption, relocation costs, lost rents, and can negatively impact your reputation as a business.
Water Damage Prevention Highlights
- According to insurance industry statistics, the frequency and cost of water damage losses are continuing to increase.
- Domestic plumbing is a primary culprit of water damage across commercial buildings. Most claims involve leaking pipes caused by corrosion, pipe burst or failure.
- No matter what your business, Chubb believes the solution to water damage losses is a balance of the following three factors; risk appreciation, risk assessment (including a water damage mitigation plan), and water detection technology to address the inevitable gaps.
- Prevent water damage from bursting or leaking pipes, bathroom and kitchen plumbing issues, leaking roofs and many other water damage culprits with specific actionable tips.
Learn more from our research on trends, risks, and mitigation for water leaks, pipe bursts and plumbing issues.
Water Damage Loss Trends Are On The Rise In These Industries
While no business is truly immune, commercial real estate, habitational, hotel and health services industry classes are experiencing a significant increase in interior water damage claims.
These materials are advisory in nature and are provided as a resource to be used together with your professional insurance advisors in maintaining a loss prevention program. It is an overview only, and is not intended as a substitute for consultation with your insurance broker, or for legal, engineering or other professional advice.