The Hartford Financial Services Group has entered into a strategic alliance with ACE American Insurance Company, one of the ACE Group of Companies, to provide The Hartford’s U.S.-based business customers with insurance protection for international operations and risks.
The Hartford now offers its clients International Advantage(R), an ACE American insurance policy, which includes a full range of coverages such as general liability, property and foreign voluntary workers’ compensation in a single international contract.
“This arrangement with ACE enables us to provide for the U.S.-based businesses’ non-U.S. coverage needs in a way that will be easy and seamless for the agent and customer,” Doug Rothwell, business insurance project manager at The Hartford, said.
Under the agreement, The Hartford will accept applications, gather additional underwriting information and handle billing and payments for non- U.S. policies, just as it does for domestic policies. The Hartford will also handle underwriting and issue ACE policies in jurisdictions that allow non- admitted coverage. In jurisdictions that allow only admitted coverage, ACE will handle underwriting and pricing after referral from The Hartford. Either way, the agent and customer will deal with a single insurer. The single exception is international claims, which will be handled directly by ACE.
The arrangement is set up to handle U.S.-based clients with a variety of international needs, from the occasional business traveler to the operations and buildings of an overseas subsidiary, Rothwell explained. This includes participation in international exhibitions or trade shows, sponsoring trips, tours or study groups abroad, and even advertising and selling products over the Internet to people in foreign countries.
The product is initially being marketed to mid-sized companies, but can be used for small and larger companies as well.
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