Sensors provide 24/7 monitoring to help prevent loss and business interruptions
(NEENAH, Wis.) - Jewelers Mutual Insurance Group recently created an alliance with Hartford Steam Boiler (HSB), a part of Munich Re, to offer IoT technology solutions to Jewelers Mutual commercial policyholders to help prevent or reduce property damage and business interruption loss from water and frozen pipes.
“We’re pleased to be collaborating with HSB, a true innovator in the IoT sensor technology space, as we continue to bring value-added products and services to jewelry businesses and pawnbrokers across the United States and Canada,” said John Fierst, Jewelers Mutual vice president of commercial lines.
Powered by the Internet of Things (IoT), HSB Connected Technologies can help reduce the risks presented by freezing pipes or water. Using easy-to-install sensors, 24/7 monitoring, and a cellular network, jewelers can take comfort in knowing their business is protected even when they are closed for business.
“Losses due to water damage are costly and extremely inconvenient if our insureds’ operation needs to temporarily close to accommodate repairs,” Fierst said. “It changes the paradigm from ‘indemnification’ to true ‘loss prevention,’ which is critical to our policyholders especially in advance of the holiday retail season - a time of year that’s critical to the industry we serve.”
This program is fully funded by Jewelers Mutual and is currently only available to a select group of commercial policyholders. More sensors will be made available to a wider group of policyholders in early 2020.