Philadelphia Insurance Companies: ‘HEAT’ Strategy Helps Businesses Prevent Winter Weather Damage

BALA CYNWYD, Pennsylvania, Nov. 13 -- Philadelphia Insurance Companies, a property, casualty and professional liability insurance company, issued the following news release:

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Four-step strategy provides a training video, checklist, and other tools to help prevent major damage from freezing weather.

Philadelphia Insurance Companies' (PHLY) "HEAT" risk management strategy helps businesses prepare for harsh winter weather to try to avoid major property damage. 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. (1) According to the Insurance Institute for Business and Home Safety, 25 percent 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.com/HEAT has a video 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.

"It's crucial for businesses and organizations to prepare their buildings before harsh winter conditions arrive," shared Mark Konchan, vice president of Risk Management Services for PHLY. "The 'HEAT' strategy offers relatively simple and inexpensive steps that can help reduce the chances of freeze-related damage to property and significant losses."

Visit PHLY.com/HEAT (https://www.phly.com/heat) to learn more.

Footnote:

1. Source: The Property Claim Services(R) (PCS(R)) unit of ISO(R), a Verisk Analytics(R) company