Popular on eTradeWire

Similar on eTradeWire

Water-related damage in Canada costs insurance companies $1bil dollars each year

eTradeWire News/10572584
Backwater Solutions Canada is helping the insurance industry reduce payouts with education, training and services

TORONTO - eTradeWire -- Backwater Solutions has announced that they are pioneering a process to help the insurance industry overcome the growing losses from sewer backup. The process is a combination of education, training and services that will cut insurance payouts and provide the industry with valuable knowledge and information about sewer backups.

The process promotes education for homeowners on preventative measures that are readily available to prevent sewer backups. The company is supporting industry efforts by putting tools in place that can make a difference. "The not for profits have called for private sector involvement in tackling this problem, and we are stepping up, " said Neville Pokroy, COO of Backwater Solutions.

In 2018, flood damage claims rose to nearly $2-billion with sewage backups outpacing all other types of flooding, with over 47% of the total according to the Canadian Institute of Actuaries. The Insurance Bureau of Canada (IBC) projects that the payout figure will continue to rise by 2% every year. The reality is that sewer backup is largely preventable, especially if the homeowner takes responsibility for their water management system, which includes the installation and maintenance of a backwater valve that can shut their home off from an encroaching sewer backup flood.

More on eTradeWire News
"One misconception", according to Pokroy, "is that basement flooding via a sewer backup is only a risk if the home is in a flood zone. This is untrue, since sewer backups can occur anywhere as a result of significant rain that overwhelms the sewer system. In that instance, the water will flow to the area of least resistance, usually one's basement, if not protected by a working backflow valve."

Added Pokroy, "Insurance brokers can provide information to their homeowners, not just act as salespeople.  They can offer insight that will help the homeowner protect their home better, while also enhancing their reputation with the homeowner".

As climate change and a growth in water related losses continues to escalate, private companies like Backwater Solutions are stepping up to make a difference. "We have developed an Accredited Training Program for people in the insurance industry that will provide them with valuable information and knowledge to have that discussion with the homeowner – leading to fewer claims, fewer payouts and homeowners with peace of mind. Visit our course at https://bit.ly/2Z0Wvho," concludes Pokroy.

More on eTradeWire News
About Backwater Solutions Canada (https://backwatersolutions.com)
Backwater Solutions Canada offers a wide variety of services to Homeowners, Insurance Companies and Brokers that will help to prevent sewer backups and reduce insurance payouts for flood related incidents, while at the same time enhancing the knowledge and service capabilities of brokers in dealing with clients.

Neville Pokroy, Mastermind Solutions

Source: Backwater Solutions Canada
Filed Under: Insurance

Show All News | Report Violation

1000 characters max.