Reducing insurance excess - Apartments - London

Reducing insurance excess – Apartments – London

Posted by Sarah Wakley — 28 February 2024

This luxury riverfront conversion in SE London was completed in 2015 and is a mixture of commercial on the ground floor (Starbucks and Pizza Express) with 70 flats including a 4600 sq ft penthouse above.

In 2021 Leaksafe were approached by the building managers to provide costs to install leak detection in the flats, wet risers and restaurants as a recommendation from their insurer and as a risk mitigation measure to reduce the insurance excess.

In 2022 Leaksafe installed WaterSwitch automatic leak detection and water shut off in the flats and WaterComm notification only leak detection system to protect the risers and restaurants on the ground floor where shut off for a minor leak during service hours would not be practicable.

Notifications from the WaterComm systems were sent to property managers and the general management team.

A number of leaks in WCs were identified during and immediately after installation.

In April 2023 we were contacted by a member of the Residents Association:

“We are pleased to tell you that our insurer has reduced our excess on the [building] insurance policy due to a fall in claims after we installed the Leaksafe systems.  Thank you!

We are continuing to work towards almost zero claims in order to get the excess down further.

Once again thank you for all the help that you gave to us (and to me subsequently with a query that I had!) I do like the security that switching off the water gives.”

Leaksafe work with a number of leading insurers, brokers and their clients to reduce the risk associated with water damage