TORONTO, Feb. 7, 2023
/CNW/ - Eddy Smart Home Solutions Ltd.'s (Eddy) (TSXV: EDY) is
pleased to share findings of a recent study completed using data
from a 5-year period on the effectiveness of water protection
systems in reducing losses from water damage claims. Conducted by
Aon Canada's Real Estate Practice,
the study found that the proper installation, monitoring and use of
water leak detection technologies can significantly reduce the
total damages incurred for insurance water damage claims for owners
of commercial real estate operations.
Water damage is a growing concern for the commercial real estate
industry, with claims for water damage now constituting 47% of all
insurance claims.
The study analyzed the financial impact of both leak detection
systems and water flow management devices in a selected large
commercial real estate operation. The results showed that water
damage protection systems would have positively affected, to some
significant extent, 58% of the total number of water loss claims
incurred (frequency) and would have reduced total water damage
losses (severity) incurred by 23%.
"Water damage is the leading cause of property damage and loss,"
said Mark Silver, CEO of Eddy
Solutions, the intelligent water protection provider featured in
the study. "This white paper highlights the importance of
incorporating water leak detection devices into commercial property
operations to minimize the risk of damage and associated
costs."
The study also found that as the value of the water damage claim
increases, so does the mitigation effectiveness in reducing loss
amounts by utilizing water protection systems. This is particularly
significant for commercial real estate operations, as water damage
claims in buildings of this type can result in substantial
financial losses.
"Early detection and prompt response are key to minimizing the
impact of water damage in commercial properties," said Peter Kennedy, Managing Director at AON and the
author of the white paper. "By incorporating water leak detection
devices into your building's operations, you can effectively reduce
the risk of water damage and associated costs."
About Eddy
Eddy offers a full-service water management technology that
includes water leak detection, asset protection, and water
conservation. Our technology continuously monitors the flow,
temperature, and pressure conditions within the domestic water
system, and can also detect emergency situations, protect by
shutting off the water remotely, and provide insights on the water
systems to owners, operators, engineers, and manufacturers.
White paper: "The Effectiveness of Water Leak Detection Devices
in Commercial Real Estate Operations" by Aon,
https://insights-north-america.aon.com/white-paper/aon-the-effectiveness-of-water-leak-detection-devices-in-commercial-real-estate-operations-whitepaper
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SOURCE Eddy Smart Home Solutions Ltd.