Check out our new Case Study: Lowering Insurance Premiums using Innovative Risk Mitigation, showcasing how our partnership with Craig Barnet from MSG Insurance and Risk Management Consulting, and our technology partner Netmore, was utilized to leverage our technology and provide significant insurance saving for a leading hotel and casino. #prosentry #buildingmonitoring #leakdetection #smartbuilding #riskmitigation #riskmitigationasaservice
Great case study on how sensor technology, #LoRaWAN networks, and an innovative building management system from our partner ProSentry saved a preeminent casino hotel in Atlantic City millions in insurance costs! Here it is by the numbers: Due to unusually cold temperatures in 2022, a fractured pipe caused a major water leak and substantial damage. The insurance payment for the damage was over $5MM. The water damage loss and the combined risk of nearly $1BB of insured values reduced the number of insurers willing to provide coverage. Their insurance broker forecasted an increase in the expiring property insurance premiums totaling close to $5MM over the next five years. ProSentry proposed a deployment of temperature sensors placed inside economizers which suffered from freezing temperatures; water leak sensors and temperature sensors around pool filters, pumps, and mechanical equipment; and outfitted automatic water shutoff valves which would close in the event of a catastrophic leak. With an investment of less than $70K, the hotel was able to show the insurance marketplace a proactive approach to avoid and reduce water damage losses. Instead of the projected $1MM increase, the casino hotel was able to bind their renewal with a modest increase which was in line with general market conditions and values inflation. It is estimated that, due to the increased competition generated by ProSentry’s risk mitigating platform, the hotel saved close to $5MM over the next five years. This is over a 70X return on investment, and substantially better when future business disruption is figured in! #BuildingManagement #SmartBuildings #Insurance #IoT