Water damage warranty to protect contractors and developers

Published on by in Business

Water damage warranty to protect contractors and developers

HSB, a leading specialty insurance carrier, and WINT, a leading provider of AI-based water-management solutions, announce a joint program to reduce the financial impact of water damage on construction jobsites

NEW YORK, April 20, 2023 /PRNewswire/ -- WINT Water Intelligence, a leader in cutting-edge water management and leak-prevention solutions for construction, commercial, residential and industrial applications, and HSB, a multi-line specialty insurer that is part of the Munich Re family, announce the launch of a groundbreaking initiative to protect general contractors and developers from the steeply rising costs of water damage in the construction industry.

Water damage continues to be a source of significant risk in buildings and on jobsites. As insurers face rising payouts for water damage claims, deductibles have climbed sharply, resulting in a severe impact on profitability for contractors and developers. The new partnership provides financial relief of up to $250,000 through an industry-first warranty program leveraging HSB's extensive data-based insurance solutions and WINT's advanced AI-based leak-mitigation technology.

The innovative HSB warranty program is available for contractors and developers who use WINT to protect job sites from water damage. In the event the WINT system fails to prevent water leak damage, HSB will reimburse the cost of resulting water damage up to $250,000, therefore significantly reducing exposure to high deductibles that are very common in the market.

"Our customers — both GCs and developers — have been expressing concerns about the cost of water damage deductibles and the impact it may have on their business," said Yaron Dycian, chief product and strategy officer for WINT. "We're proud that Munich Re and HSB have recognized the effectiveness of our water-management technology, and we were greatly impressed by their expertise in building IoT-based insurance solutions. It's exciting to partner with such a market leader to solve a major challenge for our customers."

HSB, a member of Munich Re's Risk Solutions family, is a leading global engineering and technical risk insurer providing reinsurance and specialty insurance, inspection services and engineering consulting.

WINT equips contractors, developers, owners and facility management teams with a cutting-edge solution for managing water throughout the lifecycle of a building, from construction to operation. WINT's AI-based solutions help companies fight water loss and damage and reduce the environmental impact of an increasingly scarce resource. The next-generation WINT platform includes automated leak mitigation with real-time detection and auto shutoff; unparalleled anomaly detection and analytics powered by advanced AI algorithms; enterprise-grade management for operation in large and mid-sized facilities; backup power to ensure uninterrupted water management and valve activation even during power outages; autonomous operation in case of communication failures; flexible communication options, including Wi-Fi, Ethernet, 4G and 5G cellular; and capacity to protect all water systems in a building.

For more information about HSB, visit www.hsb.com.

For more information about WINT, visit https://wint.ai. 

About WINT
WINT is dedicated to helping businesses reduce their environmental footprint by preventing the hazards, costs, waste and environmental impact associated with water leaks and waste. Utilizing the power of artificial intelligence and IoT technology, WINT provides a solution for commercial facilities, construction sites and industrial manufacturers looking to cut water waste, reduce carbon emissions and eliminate the impact of water-leak disasters. WINT has been recognized by Fast Company and CB Insights as one of the world's most innovative AI companies and has won multiple awards including "Next Big things in Tech" and Insurance Times' claims prevention technology award. For more information about WINT, visit https://wint.ai. 

MEDIA CONTACT:
Heather Ripley
Ripley PR
(865) 977-1973
hripley@ripleypr.com

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