HARTFORD, Conn.-- Do automatic teller machines need specialized insurance? They sure do. Recognizing that midsize banks, credit unions, investment firms and insurance companies have a range of specialized insurance needs -- from property coverage for ATMs, foreclosed buildings and repossessed automobiles, to professional liability coverage for banks, investment advisors and insurance carriers--The Hartford Financial Services Group Inc. now offers a tailored package of coverages to address the specific exposures they are most likely to face.
"With more than 41,000 midsize financial services firms located across the country, which represent an estimated $2.1 billion in annual premium, our financial services program addresses the needs of companies in this industry that are seeking tailored coverages from a strong national carrier," said Bill Burrows, financial services industry practice manager for The Hartford.
The Hartford's program is designed for banks and credit unions with less than $2 billion in assets, investment firms with less than $2 billion in assets under management, and insurance companies with less than $2 billion in written premium. "By channeling the expertise of our middle market, management liability and fidelity and bonding units, we're able to offer tailored coverages for the majority of eligible classes within the financial services industry," said Burrows.
The Hartford's program offers broad standard commercial lines coverage, including property, mechanical breakdown, general liability, auto, workers compensation and umbrella coverage, in addition to several industry-specific coverages, such as foreclosure, trust, repossession and mortgage insurance.
The Hartford also offers a wide range of management liability coverages through its Hartford Financial Products division. These coverages include directors & officers (D&O) insurance, errors & omissions (E&O) coverage, employment practices and fiduciary liability insurance.
The Hartford's Fidelity & Bonding unit offers financial institution bonds, which provide protection against catastrophic losses due to employee dishonesty, forgery and computer fraud.
The Hartford also offers products to meet commercial surety needs.International coverage, including property, general liability, foreign voluntary workers compensation, employer's liability and kidnap and extortion, is available through International Advantage, an ACE American insurance policy. This policy is made possible through a strategic alliance with ACE USA US International, a unit of The ACE Group of Insurance and Reinsurance Companies.
"We want to be the 'go-to' company for midsize financial services firms," said Burrows. "In addition to offering the full complement of products to address this industry's specialized insurance needs, our customers can count on us for outstanding service and quick and fair claim settlement backed by The Hartford's nearly 200 years of strength and stability."
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access