by Angela Guess
A new press release reports, “Location, Inc., a leading provider of location-based analytics, announced the launch of WaterRisk™ analytics, part of the new RiskSuite™ Platform for Insurance. The RiskSuite platform predicts the risk of crime, fire, and now, non-weather-related water damage insurance loss due to the interaction of people, structure characteristics and location. ‘We’re pleased to partner with Location, Inc. to utilize the RiskSuite platform, which enables our underwriters to determine the exact location of the risk and the potential exposures that may accompany that specific location,’ said Jon Beckham, Director at DUAL Commercial LLC, a leading Specialty Program Administrator offering property and casualty products through several specialized subsidiary companies. ‘This advancement in our offering has better positioned DUAL Commercial within the marketplace, while allowing us to provide an enhanced service to our customers’.”
The release goes on, “According to the Insurance Information Institute, 45% of the $41.2B in homeowners’ losses in 2015 can be attributed to weather and non-weather-related water damage and freezing, with the average claim cost around $8K. Until now, however, most homeowners insurance risk data focus on water damage from storm events, not taking into account non-weather-related water damage. The most common causes of non-weather-related water damage include: Appliance, water heater, and frozen pipe leaks and failures; Faulty plumbing; Sewer backups; Basement/attic/crawl space humidity caused by hydrostatic pressure and aging infrastructure; Heating, ventilating and air conditioning unit issues.”
Read more at PR Newswire.
Photo credit: Location, Inc.