Covéa Insurance extend LeakBot as part of core proposition for HNW portfolio

We’re excited to announce that we’re extending our LeakBot offering to all of our High Net Worth customers and incorporating LeakBot into our core proposition.

We introduced LeakBot to our High Net Worth customers back in 2017 and following a successful trial, we have agreed to continue with the state of the art leak detection provision to help combat the ever increasing escape of water issues that are industry wide.

Escape of water claims often begin as small, insignificant leaks that frequently go undetected and subsequently go on to cause substantial damage to the insureds property. Evidence from the trial has shown us that customers with a LeakBot device are more likely to discover these minor, sometimes hidden leaks and can prevent the worst from happening.

20% of our trial customers have used the Find & Fix service, operated by Homeserve (and fully funded by Covéa) following detection of a leak within their property. Homeserve engineers use sophisticated equipment to trace the leak within the property and resolve the issue in one simple visit.

Where a detected leak has already caused damage, customers are able to claim under their Executive Home or Executive Plus insurance policy, excess free* to put the damage right. Further evidence has shown that the average cost of a post Homeserve visit claim is 40% less than our average escape of water claim value. What’s more, we won’t load the premium at renewal if a customer has an escape of water claim when LeakBot is installed and corrective action taken.

“Protecting customers from the worst happening, and putting it right if it does"

LeakBot is at the heart of our company values, helping to achieve our goal of protecting customers’ properties, providing them with an innovative solution to escape of water and boasting excellent customer benefits too.

 To promote our extension to our core proposition, we’ve made it even easier for customers to obtain a free LeakBot device. LeakBot marketing material is being introduced into our policy documentation and provides a link to our website which will allow customers to order a device in the click of a button. We’ll add an endorsement to the policy to confirm the benefits we’re offering and it’s as simple as that.

Our core proposition now includes;

  • A free LeakBot device for all customers;
  • Unlimited Find & Fix service operated by Homeserve;
  • Nil escape of water excess (subject to previous EoW claims);
  • No premium increase at next renewal in respect of any Escape of Water claims that happen after the LeakBot device is installed and activated.

It couldn’t be easier… Customers simply need to visit www.coveainsurance.co.uk/leakbot to request a device and we’ll do the necessary work behind the scenes.

We’re really looking forward to this extension to our proposition and reaffirming our commitment to protecting our customers and reducing the industry wide escape of water problem.

For further information please contact your usual underwriter.

*For full terms and conditions, click here.

 

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