Erie Insurance plans to start offering home telematics products developed by the startup Roost that help detect water damage. An arm of Validus Holdings has launched a standalone cyber insurance product focused on privacy and network protection coverage.
Erie Insurance will now be offering home telematics products developed by Roost, a startup that develops the technology for property insurance carriers.
Erie will be offering the Roost Smart Water Leak and Freeze Detector, with plans to test customer interest in using it to prevent water damage claims.
The Roost Smart Water Leak and Freeze Detector is designed to sense water leaks as well as humidity and freezing temperature situations. Once it does, it delivers smartphone alerts via the Roost mobile app to help minimize water damage and loss. Roost said the smart Wi-Fi-enabled detector takes about five minutes to set up and can be easily located around the home in places prone to water leaks.
An arm of Validus focused on specialty writing launched a standalone cyber insurance product.
The Cyber and Technology insurance group of Validus Specialty Underwriting Services, Inc. debuted the product with an emphasis on privacy and network protection coverage. The coverage is tailored for U.S. companies with revenue between $150 million to $2.5 billion, and offers comprehensive cyber insurance protection with risk mitigation and remediation services.
The product has been designed to provide cyber insurance protection across a range of client industries. It will be written out of Validus Specialty’s operations.
Validus Specialty offers a range of E&S and admitted insurance coverages and operates on behalf of Western World Insurance Group and Talbot Underwriting Ltd., through Syndicate 1183.
Sources: Roost/Erie Insurance, Validus Holdings