SAFECO has aligned with The Hartford Steam Boiler Inspection and Insurance Company to expand both companies’ Boiler & Machinery insurance books of business. The agreement provides for SAFECO Business Insurance’s Boiler & Machinery insurance to outsource operations to Hartford Steam Boiler, which specializes in inspecting and insuring machinery.
SAFECO’s boiler & machinery coverage will now be known as “Equipment Breakdown” coverage. The insurance covers the physical and financial damage that may stem from a customer’s covered equipment breakdown. The new relationship will take effect Dec. 31.
The transfer process will be seamless, with agents continuing to do business with SAFECO, but their clients will be serviced by a Hartford Steam Boiler Representative. Hartford Steam Boiler will reinsure 100 percent of SAFECO’s Equipment Breakdown coverage business, as well as providing representatives in the field who will offer jurisdictional inspection service and loss control tips to customers. Plus, Hartford Steam Boiler representatives will provide SAFECO with claims and underwriting guidance, along with employee training for the insurance line.
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