HARTFORD, Conn.--The paper application for Builders Risk coverage has gone the way of the thatched roof, replaced by electronic application submission, rating, quoting and binding from The
Hartford Financial Services Group, Inc. As a result an agent may be able to place marine coverage in minutes instead of days.
The Hartford's powerful new Quote Marine technology tool lets agents easily sell, service and manage Builders Risk accounts -- day or night --right from The Hartford's Electronic Business Center (EBC) portal. Builders Risk is the first of a series of marine products that will be available through this tool.
Builders Risk insurance is an inland marine coverage that protects the significantly increasing value of property as it moves from breaking ground to completion. Builders Risk generally covers the building under construction, building materials (in-transit or storage) and certain loss of rent.
"Agents and brokers who write marine coverages want to spend their time managing customer relationships and bringing in business instead of wading knee-deep in paperwork and follow-up phone calls," said Scott Shapiro, vice president of Marine at The Hartford. "We've streamlined the process so agents can concentrate on what really matters to their business."
Quote Marine enables agents to submit an application by completing as few as five concise screens. While the client waits, agents also can test the effect of different deductibles and other options on premium. If the account meets online underwriting guidelines, it can be bound and the sale completed before the client hangs up the phone or leaves the agent's office.
The electronic rating, quoting and binding capability applies to new construction projects with up to $15 million in completed value. Wood-frame construction projects are not eligible. An application that does not meet online underwriting guidelines is automatically sent to a marine underwriter for consideration and will receive a response within two business days.
Source: The Hartford Financial Services Group Inc.
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