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The Hartford Simplifies Coverage for Equipment Rental and Sales Businesses


Posted on 10 Nov 2010

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Equipment suppliers often have protection needs that extend beyond the scope of a traditional property policy. Whether a business rents tents and tables for special events, sells industrial machinery or leases high value medical equipment, protecting the equipment while it is in the company's possession or in use by a customer is vital to the business's operation.

To help address these customers' need for specialized coverage, The Hartford Financial Services Group, Inc. now offers Equipment Rental & Sales ChoiceSM, a robust, flexible marine policy that provides comprehensive property protection for a broad array of equipment suppliers. The policy brings together several different types of coverage typically offered in separate marine policies.

"Having the right type of equipment in customer-ready condition is critical to equipment rental and sales companies," said Alexander McGinley, assistant vice president and marine underwriting officer at The Hartford. "Their business depends on their ability to recover quickly if their equipment is lost, damaged or destroyed."

According to McGinley, Equipment Rental & Sales Choice was developed in direct response to feedback about specific customer needs and is designed to address virtually any type of equipment whether it is rented, owned or away on exhibit. It also provides coverage for businesses that perform maintenance of their customers' equipment, which is becoming increasingly common as an additional revenue source.

Key policy features include:

    •    A broad definition of covered property that includes nearly all types of equipment and tools ranging from flatware and serving items to large contractors' equipment.
    •    Broad all-risk coverage that includes flood, earthquake and voluntary parting with covered property.
    •    Coverage for property that is not tied to specific premises, including property during transit and in storage, or on display in a showroom or at another type of exhibition.
    •    Property that is leased or rented from others, including property that is re-leased or re-rented to a customer.
    •    Property in the care, custody and control of the insured during repair, maintenance or another capacity while the insured is acting as a bailee.
    •    Potential coverage for losses resulting from conversion of property for a use other than what was authorized in a rental agreement.
    •    The flexibility to customize coverage, limits and deductibles.

"Agents and customers had asked for a single policy that could address all of their equipment protection needs," said McGinley. "We designed this policy to offer maximum flexibility from a coverage and rating standpoint."

The Hartford's Equipment Rental & Sales Choice is available as both a stand-alone policy and to customers of the company's multi-line programs for equipment rental and sales businesses.

"We're pleased to offer this enhanced policy to our program customers, who will benefit from the comprehensive protection this marine coverage provides," said Deborah Bibbins, vice president of The Hartford's Captive & Specialty Programs business.

The Hartford has been providing marine insurance for 200 years. The company has a broad appetite and the ability to write higher-hazard exposures.

The Hartford also has unique capabilities to create captive and specialty program arrangements for specific industries.

To learn more about The Hartford's Equipment Rental & Sales Choice policy or The Hartford's marine capabilities, visit www.thehartford.com/info/marine or speak with a local Hartford agent. Agents and brokers should contact their Hartford marine underwriter. For more information about The Hartford's program capabilities, visit www.thehartford/programs.


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