Waterlock systems now available with Magenta Insurance’s BIBA’s EOW and Residential Distressed Risk Scheme
Magenta Insurance part of the inet3 Group, has announced that the first Waterlock systems developed with GEO, are ready for the insurance market...
hrough the BIBA member scheme launched two weeks ago. As part of Magenta’s suite of specialist non-standard insurance products for brokers, Waterlock can be offered by brokers to their clients, who will benefit from a premium discount given especially for homes that have already suffered from escape of water (EOW).
Brokers visiting the Magenta stand D82 at BIBA2019 Conference and Exhibition in Manchester on 14 and 15 May will be able to register their interest and see the technology demonstrated by the GEO team.
Adrian Colosso, Group Chairman of the inet3 Group said … It is a very exciting development for brokers to be the pioneers in offering clients an effective way to control and manage their homes with the latest water management technology. This reduces the likelihood of an EOW event happening in the first place. The BIBA EOW and Distressed Risk Scheme has been possible because of a strategic partnership of two specialist companies offering their respective expertise. The system detects a leak and shuts off the mains water allowing the water damage to be mitigated. This type of approach will help not only homeowners, and customers but insurers and brokers who are trying to come up with a meaningful way to help solve this problem.
BIBA’s Head of Technical Services Mike Hallam said: “BIBA is determined to help our members take full advantage of the technology that will help them show their value to customers. Waterlock helps resolve the very real issue of helping customers with previous EOW claims find suitable insurance. This solution from Magenta is a perfect marriage of technology and customer need.”
Tom Moger MD of Magenta Insurance said:
“Brokers are at the heart of the community helping clients and society find solutions to problems that can affect us all. EOW is one of the most costly peril suffered in the home and the ensuing issues suffered can take months or even years to resolve and client’s lives are turned upside down in the process. We are delighted to offer our new solution and to bring it to the broker community in partnership with BIBA and GEO.
BIBA’s new Scheme offers the UK Broker market access to this new solution, and the BIBA Conference will offer the first units ever to be commercially available in the UK to the BIBA community.