It didn’t take long for HSB to start expanding internationally once it became part of AIG. Tuesday the company announced the introduction of “a new international insurance product called HSB OneSource.” It’s aimed at giving “middle-market U.S. companies” adequate international coverage.
“U.S. organizations are increasingly exposed to a multitude of risks overseas through routine activities such as business travel, exporting goods and services and student exchange programs” said James Parisi, HSB V.P.”A common misconception, even amongst insurance professionals, is that you can cover overseas risks by adding a foreign coverage endorsement to a U.S. policy. That approach is inadequate because it would not cover claims or lawsuits filed overseas,” he warned.
According to the announcement HSB OneSource includes coverage for:
– Foreign Commercial General Liability
– Foreign Commercial Auto Liability
– Foreign Voluntary Workers’ Compensation / Employer’s Liability
– Foreign Commercial Property (All risk coverage for building, contents, business interruption with available earthquake, flood, sabotage and terrorism extensions
– Kidnap and Ransom/Extortion
– Political Risk (Confiscation, Expropriation and Nationalization).
– Foreign Travel Accidental Death and Dismemberment and Emergency Medical treatment for accident or illness.
– Marine/Cargo Transit
– Comprehensive Crime Coverage
When AIG bought HSB last August, CEO Maurice Greenberg indicated that, “As part of AIG, Hartford Steam Boiler will be able to take advantage of AIG’s relationships and global network to build its business of specialized insurance and inspection services.” HSB OneSource is the vehicle to implement Greenberg’s vision.
Further information can be obtained from the company’s website at: www.hsb.com or by telephone at: 1-866-861-0140.
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