Toronto, ON (Feb. 13, 2016) – The Guarantee Company of North America introduces a new water mitigation program for GUARANTEE GOLD® clients and brokers: GOLD Watermark. A first of its kind in the Canadian marketplace, GOLD Watermark provides a two-tier program – a complimentary installation of an automatic water shut-off system (AquaTrip®) in the homes of target customers with replacement costs over $3M and access for all customers to the extensive referral network of plumbers and the AquaTrip device at a reduced price. The AquaTrip is a flow-based device that does not require central monitoring and is designed to automatically shut-off water to the home at the main water supply when a leak, frozen pipe or failed appliance is detected in order to mitigate water damage.
“The industry is facing a challenge of unwanted water stemming from all sources. Coming to market with a new coverage, partnering with government stakeholders, or paying for the installation of a device after a loss are important steps but will only get us part of the way there,” says Marilyn Horrick, National Vice President, GUARANTEE GOLD.
Company data shows that burst pipes and failed appliances represent the majority of water claims in both frequency and severity. When installed, this device can greatly minimize the impact of water losses and is eligible for associated policy discounts. “The most important thing to us is that the water shuts off to the home and the loss is averted or greatly minimized,” states Horrick. “From a homeowner’s perspective, this should be their primary concern too. And yet, only a small portion of homeowners take pro-active steps to install water mitigation devices for reasons of awareness, affordability and access.”
The GOLD Watermark program is designed to address these specific hurdles by providing targeted complimentary installations, guidance and kid-glove support through the entire installation process while providing brokers a value added service and a meaningful point of differentiation. “Up until now, we’ve incentivized, we’ve recommended and we’ve paid the claims. GOLD’s intent is now on taking a step in a more proactive direction,” commits Horrick. “By addressing the challenge head on, using scale to our advantage and controlling the cycle of unwanted water.”
In addition to the installation of the AquaTrip device for qualifying clients, GUARANTEE GOLD also offers all customers access to their preferred installer network. A partnership of licensed plumbers who can assist with new installations or upgrades to existing water mitigation devices in the client’s home.
“As thought leaders in our industry, we know we are defined by the active roles we play in the solutions we offer our clients,” says Horrick. “With GOLD Watermark, GUARANTEE GOLD is working a more strategic angle and elevating our partners in the process.”
To find out more about the GOLD Watermark program and the AquaTrip device please click here.
About The Guarantee
The Guarantee Company of North America (The Guarantee) is a recognized leader in surety and specialty insurance in the North American marketplace. Our longstanding history in the insurance industry demonstrates our strength and stability. Although our roots run deep, we remain flexible and nimble; responding to new and emerging needs by providing our broker partners with the right insurance solutions to ensure ongoing protection for their clients.