The Hartford Financial Services Group, Inc. has launched a new electronic application submission, rating, quoting and binding tool “Quote Marine,” which will assist agents in selling, servicing and managing Builders Risk accounts.
The service responds on a 24-hour basis 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,” the bulletin indicated. The product is an inland marine coverage that “protects the significantly increasing value of property as it moves from breaking ground to completion.” It 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,” noted 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.”
Hartford said the new Quote Marine service “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.” It applies to new construction projects with up to $15 million in completed value, but cannot used for “wood-frame construction projects.” Those applications that cannot be handled on line are “automatically sent to a marine underwriter for consideration and will receive a response within two business days.”
The Hartford described its Builders Risk policy as “an exceptionally broad product, protecting even the profit the contractor has earned as of the date of loss. Also recognizing that rebuilding may become more expensive over time, The Hartford’s Builders Risk covers replacement costs rather than actual cash value, and additional costs when a new ordinance or law adds to the cost of rebuilding.” It added that agents should “refer to the terms of your policy with respect to the specific limits and coverages provided by a Builders Risk policy. Coverages may not be available in all states.”
Shapiro noted: “We created an inclusive product that is fast and easy to sell, service and manage electronically through our Electronic Business Center. So whether it’s writing a policy at six in the morning, checking on a claim at 10 p.m. or reviewing a commission statement on Sunday afternoon, doing marine business with The Hartford can be quick and convenient. This is all part of our approach to be the company of choice for marine business.”
Quote Marine is available to agents registered to use The Hartford’s Electronic Business Center. For further information, agents can contact their representative at The Hartford or call The Hartford’s Agency Interface Services Team toll free at 877-322-4833.