by Brianna Crandall — December 7, 2018 — Philadelphia Insurance Companies (PHLY) recently presented its “HEAT” risk management strategy, designed to help businesses prepare for harsh winter weather to try to avoid major property damage from such incidents as broken pipes.
The company notes that from 1996 to 2016, average losses for winter storms were about $1.5 billion per year for the insurance industry. The most expensive year for insured losses was 2015, at $3.5 billion, according to figures from ISO, a Verisk Analytics company.
PHLY also reminds facilities managers (FMs) that, according to the Insurance Institute for Business and Home Safety, 25% of businesses involved in a major property disaster do not reopen.
PHLY’s “HEAT” strategy demonstrates how to combat pipe freeze, breakage, and subsequent water damage to protect buildings during freezing conditions. PHLY released a video (embedded below) showing each step of the “HEAT” strategy, from heating areas that contain water lines, to examining for air drafts, to installing devices that can help prevent damage. There is also a downloadable “HEAT” checklist.
Mark Konchan, vice president of Risk Management Services for PHLY, shared:
It’s crucial for businesses and organizations to prepare their buildings before harsh winter conditions arrive. The “HEAT” strategy offers relatively simple and inexpensive steps that can help reduce the chances of freeze-related damage to property and significant losses.
To watch the video and see the checklist and other winter weather resources, visit PHLY’s Preventing Pipe Freeze and Water Damage webpage.