The Insurance of Earthquakes

December 22, 2016

Protecting yourself from Water Damage

November 4, 2016

Hurricane Matthew losses trend down to ‘manageable levels’

October 11, 2016

Hurricane Matthew: At least 130+ people killed in devastation so far

October 6, 2016

Peak Re (China) now have 50% stake in NAGICO

September 5, 2016

"Under-Insurance" in Trinidad and Tobago

August 19, 2016

Hunting Pokémon raises liability issues when incidents happen

July 20, 2016

Terrorism risk insurance: Trends, take-up & pricing in 2016

July 14, 2016

What Does the Brexit Vote Mean for the Insurance Industry?

June 28, 2016

Whether the show goes on, or not, you’re protected: Beazley introduces Cancellation Plus coverage for event cancellation, inclement weather

June 8, 2016

Please reload

Recent Posts

Global Risks Forecast™

April 8, 2016

Insurance M&A: Just Beginning

March 21, 2016

 

Early forecasts from meteorologists suggest the 2016 Atlantic hurricane season will be more active than normal, partly because of the expected end of...

FACTBOX: Meteorologists Predict 2016 Hurricane Season Will Be More Active

April 8, 2016

1/10
Please reload

Featured Posts

Protecting yourself from Water Damage

November 4, 2016

|

Bell Blog Posts

Many of us automatically think of the devastation left by fire or catastrophe event when we think of material damage claims.  Every day, approx. TT$22 million is paid out for claims globally involving damage caused by burst pipes and water leaks.

 

Now, many of these claims will involve homes but large water damage claims from commercial properties and construction sites occur on a regular basis. The average claim for a burst pipe incident is TT$50,000.00 and when water sensitive equipment and fittings have been damaged as well as mold damage follows, the claim can escalate quickly. 

 

 

So what are the causes of these water damage incidents? 

  • Failure of pipes, valves and fittings used in the water system.

  • Poor workmanship by those who have installed the water system

  • Accidental damage, bursting or overflowing of apparatus or pipes

  • Overflow of water from within a plumbing, air conditioning or sprinkler system or from within a household appliance

  • Deliberate damage.

 

If your business or home is unfortunate enough to have a water leak, find the source quickly and don’t assume that there is only one source. Isolate the part of the system that is leaking and follow these investigatory steps:

 

  • Take photographs of the damage.

  • Gather detailed information about the work of contractors on site, contract specifications, method statements, competency and training of those installing the system etc.

  • Make records of the type and depth of tank and pipe insulation

  • Make a record of the thermostat settings and heating timer settings at the time of the water leak.

  • Call us to assist with any questions

 

Clearly prevention is the best option and these incidents can be avoided with some thought and planning. Some steps to consider in your business or home include:

  • Get protected. Ensure you have an adequate Fire & Perils Insurance Policy for your business, or Homeowner's Insurance Policy for your residence. 

  • Identify a responsible person for the prevention of water leaks and identify key actions for people to take in the event of a water leak.

  • Ensure that person is trained on how to isolate the water supply.

  • Carry out a risk assessment that covers issues such as the building construction, occupation, items susceptible to water damage, access to isolation points etc. Contact BELL to assist with this. Rule of thumb, this should be done every 10 years. 

  • Though this can be pricey but so helpful, consider fitting leak detection units to the water system. 

  • Don't use "Fly by day contractors" when constructing or installing - check their quality standards and adequacy of training and competency. 

  • Require a full test and commissioning process for work on water systems and do not pay for work if a query on waterproofing is outstanding.

  • Keep an eye on gutter, down pipe and drainage maintenance to ensure that water can run away from the building efficiently. This is extremely important.

  • Keep an eye on wear and tear, gradual deterioration, rot and/or corrosion on pipes and other apparatus. 

 

The prevention of water leaks in the building should be treated in the same way as preventing fires, accidents and other unwanted incidents. There needs to be planning, training provision, systems and monitoring to ensure the system is being implemented. With some thought and proactive action the risk of water damage incident can be reduced dramatically in a cost effective manner.

Please reload

Follow Us

businessin2016

economy

trinidad

Please reload

Search By Tags

December 2016 (1)

November 2016 (1)

October 2016 (2)

September 2016 (1)

August 2016 (1)

July 2016 (2)

June 2016 (2)

May 2016 (2)

April 2016 (4)

March 2016 (15)

February 2016 (1)

Please reload

Archive
  • Facebook Basic Square
  • Twitter Basic Square
  • Instagram Social Icon
Back