Water damage accounts for most insurance claims in Canada because water leaks usually aren’t found till it’s too late. That needs to change—and now it can.
Water damage claims are more than 50% of all insurance claims in Canada,1 totaling between $4 billion and $6 billion—double what they were in 2015 and triple what they were for high-rise buildings since 2013.2 And to this day the most common way a leak is detected is when someone sees it—often when it’s already done inestimable damage.
In high-rises, multiple levels means multiplied risk, and it usually isn’t until a resident notices water in their unit that property management is finally made aware of the issue and left scrambling to stop the leak. By the time that happens—after 100 litres of water per minute have been spewing out of a pipe somewhere for who knows how many minutes—it’s anyone’s guess how many units have been affected, what the long-term damage (including mold growth) might be, how many residents will need to be put up in hotels and for how long, how many of them will reconsider living in the building, and how much all of it will cost—especially the almost inevitable increased premiums.
Of course, water leaks can affect every individual and every industry. From fast food restaurants to public infrastructure to hospitals—where they can truly endanger lives—water leaks are always potentially disastrous. It’s time that someone stepping in a puddle was no longer considered early detection. Water leaks need to be recognized and stopped as soon as they occur. And that’s where Eddy Solutions and the Rogers comes in.
Immediately detect and stop water leaks
As a manufacturer of smart water metering devices that measure flow, temperature and humidity, and which identify leaks, automatically blocking them in seconds, Eddy Solutions is on the cutting edge of water damage prevention and protection. Their meters and valves communicate with each other and react appropriately in real-time after a lengthy behavioural learning period that begins with the installation of their devices about 12 months before a new building goes into operation.
Imagine, for instance, a riser pipe with a hole in it the size of a pinprick spraying little more than a mist behind some dry wall. A burst is inevitable—unless you have Eddy. Having learned over a year how humidity should vary in that area, the Eddy devices know when to cut off water to the pipe and alert the right people. Not only does this learning capability minimize damage and provide ample time for the leak to be repaired, it helps ensure property management is only notified when there’s a real concern, which in turn eliminates the need for manual inspections and optimizes the deployment of maintenance staff in general.
Forget about increased premiums—decrease them instead
Complemented by an intuitive app that offers detailed analytics and reports as well as manual device control, it’s no wonder that property developers who deploy an Eddy solution can often help reduce their premiums. In fact, solutions like Eddy are for some insurance companies becoming a prerequisite for providing developers insurance in the first place.
Connectivity is key
Of course, an IoT solution like Eddy requires continuous uptime, making the network it uses as crucial as its innovative hardware and software. That’s why Eddy Solutions is working with Rogers for Business. With more than 20 years’ experience in with the Internet of Things (IoT), Rogers for Business is a natural fit for Eddy because of their deep experience with IoT solutions for managing fleets and inventory, improving city services, as well creating smarter buildings and connected homes. Rogers for Business provides Eddy not only with the connectivity the need to succeed today, but the expertise and big-picture know-how for their future endeavours.
As important as it is, the threat of water leaks is still just one dilemma that high-rises and other properties face. But in deploying Eddy, bolstered by the reliability of the Rogers for Business network, those properties are laying the groundwork for a myriad of other IoT solutions that will prepare them for the future as well.
1. Jason Contant "How many Canadians actually understand water damage coverage?" Canadian Underwriter. https://www.canadianunderwriter.ca/insurance/many-canadians-actually-understand-water-damage-coverage-1004149526/
2. Adam Malik. “Why water damage claims cost the industry more each year than severe weather claims.” Canadian Underwriter. https://www.canadianunderwriter.ca/insurance/commercial-property-claims-are-sharply-increasing-and-heres-why-that-wont-stop-1004196593/