Improving roof claims for policyholders and insurers
Better customer service and indemnity outcomes.
Improving roof claims for policyholders and insurers
Better customer service and indemnity outcomes.
RoofCovr facilitates warranty coverage
The Opportunity
Beginning in 2010, roofing manufacturers began providing comprehensive long-term warranties associated with their products. Typical coverage includes wind, algae and manufacturing defect, and most companies also offer extended coverage options, including workmanship. Wind coverage is particularly relevant, however, most policyholders don't know their coverage or retain this information, so these warranties are overlooked at the expense of their property insurance. Shingle manufacturer warranties represent an unleveraged source of recovery for policyholders and insurers.
RoofCovr has developed proprietary data and methods to provide insurers and policyholders (personal and commercial) the warranty information needed to make better decisions. We determine the applicable roofing manufacturer, assess warranty coverage eligibility and provide guidance on submitting a warranty claim, as these criteria differ across manufacturers. We customize this information for every address.
Insurers have multiple options to pursue warranty recovery as existing homeowners policy language ("Other Insurance" provision) designates the insurance policy as excess to any existing service plans or warranties. Our methods are expected to partially mitigate the negative financial impacts of Social Inflation, Soft Fraud and Assignment of Benefits and subrogation potential may exist, as well.
Better Customer Service
Your insurance company will improve customer service by proactively informing policyholders of their warranty coverage eligibility. Policyholders who choose to submit a warranty claim in lieu of an insurance claim may save their deductible, improving policyholder satisfaction.
Better Indemnity Outcomes
Your insurance company will reduce roof claim indemnity by connecting policyholders with their warranty coverage options. In addition, reinsurance expenses may be reduced through effective integration of these practices, particularly in catastrophe management.
Calculate the ROI
Roof claims due to wind are being paid at the expense of property insurers and substantial policyholder deductibles, although roofing manufacturer warranty coverage may exist: Shingle manufacturers representing 80 percent of the asphalt shingle market provide 15 years of non-prorated warranty coverage for WIND damage (up to 130 mph). Some include warranty coverage for workmanship (shingle misapplication) and ice damming, as well. We estimate warranty coverage eligibility for nearly one-half of all single-family detached homes. Determine the ROI associated with your company's potential investment in RoofCovr. Let's conduct a simple retrospective analysis on a sample of your business.
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