March 13, 2019 by Greg Meckbach
Canadian property clients could soon get an insurance discount by installing products from water flow sensing vendor Triple Plus Ltd.
Triple Plus recently announced a pilot project in which American clients of Berkshire Hathaway GUARD can get lower property insurance rates if they install Triple Plus water leak damage prevention systems.
Triple Plus will soon announce similar pilots in Canada, Triple Plus CEO Michael Isakov said Monday in an interview, without naming any Canadian insurers.
“It’s coming quite soon” in Canada, said Isakov. “The insurance sector for us is a key partner.”
Triple Plus has offices in Toronto and Tel Aviv. Its products include Water Flow Sensor, which is designed to detect abnormal water consumption, and CLM Actuator, which is designed to automatically shut off the water supply when a leak is detected.
It could detect leaks in places such as under sink behind toilet, behind the washing machine, dishwasher and other places that tend to leak, said Isakov
“We can help mitigate risk and reduce an insurer’s risk.”
Triple Plus also allows remote management of its equipment, so that property owners or managers can shut off the water supply if a leak is detected.
In a home, the Triple Plus device would have a WiFi antenna that could send information to the home Internet router. This would allow an alert to be sent to the user.
An insurance company could go to brokers or customers and offer discounts for clients who use the Triple Plus equipment, Isakov suggested.
“Customers would enjoy substantial discounts once they are using Triple Plus. If you are a customer who has recently made a claim, and you are getting on to a black list, very similar to a car accident – then you will need to protect your property accordingly.”
South of the border, Wilkes-Barre, Penn.-based Berkshire Hathaway GUARD said Feb. 28 its pilot project uses Triple Plus devices powered with the Triple Plus cloud monitoring service.
In that trial, Triple Plus will include CLM All-In-One, which automatically shuts off the main water supply when abnormal water usage is detected, along with the remote management function.
Property owners or managers would be able to get alerts on their mobile Internet devices if there is abnormal water use, if the Triple Plus equipment batteries are low, if the pipes are freezing or if a valve is open when it should be shut.