Undetected water leaks cost businesses millions
Undetected water leaks are costing businesses millions every year - and yet a cost-effective solution is available
According to the Association of British Insurers, escape of water claims cost UK insurers £2.5 million a day, which adds up to nearly £1 billion a year.
Similarly, Aviva has revealed water leaks are its highest frequency property claim, accounting for approximately a third of all claims by value. The insurer says a single leak from a cistern could cost over £1m. Zurich also cites escape of water as a bigger risk for insurers than fire or burglary, and the number one source of property claims for owners of hotels, office buildings, retail establishments and other commercial structures.
The cost of an undetected water leak may also go beyond the immediate of repairing and making good. Businesses may be interrupted, causing a loss of income. Indeed, some do not survive events where a large claim has to be made, and yet more end up closing within two years.
With winter approaching – a season which notoriously leads to a higher incidence of water leaks, due to dropping temperatures causing fractures in pipework – now would be the time for those in property management and facilities management, in particular, to introduce leak detection measures.
What’s the solution to undetected water leaks?
If you are a property or facilities manager, then for very low cost you could protect your business against the catastrophic consequences of water leaks. You could avoid the resulting business interruption, loss of revenue, rocketing premiums and reputational damage, let alone the repair costs themselves.
How? By harnessing the power of the Internet of Things (IoT) and IoT leak detection.
Combining the use of IoT sensors with the expertise of professionals, such as the team here at Caption Data Ltd, has really been a game changer in the field of water leak detection.
The sensors provide real-time information; the information is monitored and acted upon and leaks are immediately resolved.
We have a 15 year track record of working with water damage restoration companies, and are now also focusing on prevention measures.
Our Matrix+ LoRa sensor network with unique CDL sensors monitor sites 24/7, checking on the temperature, humidity and WME (wood moisture equivalent) of the substrate building material, via a wide area rope coil. Our systems are discreet, easy to install and with 5+ year battery life, notifying within minutes of a water leak starting (even at extraordinarily low levels), so allowing rapid intervention.
Crucially, they are proven to work finding undetected water leaks.
In a recent installation of 200 sensors, within weeks of going live, a leak from a water cistern was detected. The hotel’s property managers were alerted and the leak resolved before any damage could be done.
If you are a property manager or a facilities manager, and would like to talk to the Caption Data Ltd team about business interruption prevention through the installation of a cost-effective IoT leak detection system, please get in touch.
CDL also provide a wider range of measurement options to complement leak detection applications. You can find our full range of Matrix+ solutions here.