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Risk Management
Friday, June 1, 2007
What a geyser

Lifestyle Africa Insurance Managers says it has partnered with Water Angel to provide commercial and residential clients with an early-warning system to help prevent water damage as a result of geyser bursts and explosions. Natsure Limited underwrites Lifestyle Africa business.

“Geyser-related losses are a major concern to the industry and anything that can reduce costly geyser-related claims are of particular interest to us,” explains Managing Director, Willie van der Schyf of Lifestyle Africa.


The Water Angel, which has been tested and approved by the South African Insurance Association (SAIA), can help prevent damage to buildings caused by geyser bursts and explosions by shutting down the water and electricity supply to the geyser. An alarm is activated should any leaks or geyser irregularities be detected. In this way, geysers problems are detected early, preventing massive water damage to structures, fixtures, fitting and household contents.
“By installing a Water Angel, the client is able to eliminate the risks associated with geyser failure,” continues Mr van der Schyf. “This means that while the geyser itself may still require replacement, the associated losses due to extensive water damage is mitigated. As a result, brokers achieve a lower risk ratio, which effectively means better premiums for the insured.”
In an arrangement between the organisations, Lifestyle Africa Insurance Managers has negotiated a discounted price for the purchase and installation of the Water Angel in properties within its portfolio.
 

Copyright © Insurance Times and Investments® Vol:20.5 1st June, 2007
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