February 15, 2022

CONCORD PACIFIC’S WATER DAMAGE PROTECTION SYSTEM AIMS TO REDUCE INCIDENTS, DAMAGE AND COSTS FOR FUTURE OWNERS

CONCORD PACIFIC’S WATER DAMAGE PROTECTION SYSTEM AIMS TO REDUCE INCIDENTS, DAMAGE AND COSTS FOR FUTURE OWNERS

Vancouver, BC / Toronto, ON (February 15, 2022):  Amid an industry with rising condo strata fees due to increased insurance premiums and deductibles, Concord Pacific, Canada’s largest community builder, is introducing its new Water Damage Protection System featuring smart technology, remote action, robust elevator protection, and preventive design features that will help mitigate water damage incidents and their severity for future homeowners and stratas.

“Across Canada, water is the new fire when it comes to the cost of insurance claims and premiums in condos,” explained Peter Webb, Concord Pacific’s Senior Vice President of Development. “Our new Water Damage Protection System represents an investment of up to $4 million for each new building as it aims to help mitigate water damage incidents and their severity for future homeowners and stratas, with the potential to also reduce overall costs and insurance premiums.”

Concord Sky in Toronto and Oasis at Concord Brentwood and all other new starts including Concord Pacific’s Seattle developments in the U.S. will have these water damage mitigation systems.

Webb said the Water Damage Protection System features smart technology, remote action, elevator protection, and preventive design features that include:

  • Online monitoring with a smart technology algorithm that instantly detects abnormal water flow, notifies property managers remotely and allows for remote shut off. This provides the opportunity for mitigation against major leaks that cause severe damage and disruption;
  • Drain valves can also be opened remotely to accelerate the draining of excess building water load from leaks, thus mitigating further building damage in major water incidents;
  • Waterproof enclosures for elevators and their computer components, with elevator roofs designed to deflect water off the top of the elevator cab;
  • Elevator lobbies subtly graded to channel water away from entering the elevator shaft, providing additional response time to shut off water and preventing it reaching the elevator;
  • Smart water sensor in the elevator pit senses triggers alarm, sending elevator to the top of the elevator shaft and away from water below;
  • Preventative building design features such as recessed sprinklers in all living areas that mitigate sprinkler head damage caused by incorrect usage or accidents.

“This is an important innovation that goes beyond addressing rising insurance costs,” noted Anne McMullin, President and CEO of the Urban Development Institute. “Integrating smart technologies are the future of building safer, more efficient homes that also provide peace of mind to those living in them.”

“We believe any loss control systems that can help reduce the frequency and severity of water related claims will in the long run save clients both in premiums and deductibles,” added Steve Storrey, Managing Partner, Real Estate Division, BFL Canada Insurance Services. “Systems that help the overall performance of the multi-unit class will also help attract more insurance capacity for this class of business.”

Webb added that while the entire Water Damage Protection System will be built into new Concord developments, elements, such as Remote Water Flow Detection and Remote Water Shut Off will also be added to 12 recently sold buildings at a cost of approximately $1 million per building.

“By incorporating preventative design measures and detecting potential issues early we can help reduce the number of incidents, as well as their severity and cost,” said Webb. “Taken together it means less damage and reduced costs, which could also help provide relief from soaring strata fees.”

Video footage presenting the Concord Water Damage Protection System is available at https://drive.google.com/drive/folders/1q6x0KydT-6GStYZLIPqiphFZegq6lHQ3?usp=sharing

Peter Udzenija

16047624872
peter.udzenija@concordpacific.com

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