In-depth - High net worth: Water torture
Escape of water claims can be very expensive, but convincing clients to install leak detection systems could save brokers and customers time, money and a lot of inconvenience. Sam Barrett writes
Escape of water is a major concern across household insurance, accounting for almost a third of all domestic property claims and costing insurers around £1.8m a day, according to the Association of British Insurers.
The nature of high net worth properties means it’s an even bigger headache for this part of the market. “A major escape of water claim can exceed £1m,” says Nina Nash, head of private clients at James Hallam Estates and Private Clients Division. “In just two hours, a burst pipe can
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