The Hartford Financial Services Group, Inc. unveiled a “newly enhanced STEP SPICE policy endorsement,” which will augment coverages to its highly successful multi-line program for manufacturers, distributors, installers and repairers of specialized truck equipment (STEP).
The announcement noted the following new features included in the program:
— Extra Expense (incurred after from a covered loss) with $25,000 limits,
— Lock Re-keying or Replacement with a limit of $10,000; and
— Newly Acquired or Constructed Property-Buildings with a $2 million limit.
It also expands the following coverages:
— Employee Dishonesty coverage (theft by employee) from its current $15,000 to $100,000;
— Forgery/Monies & Securities limits from $15,000 to $25,000; and
— Utility Services limits from $15,000 to $90,000. This coverage provides built-in protection for direct physical loss or damage to the insured’s property when is caused by interruption of off premises
“Since truck equipment companies often have custody of clients’ vehicles, the SPICE enhancements cover losses while customers’ vehicles are in the care, custody or control of the insured and while recently outfitted vehicles are held for sale or are in-transit. It also covers the insured’s demonstration vehicles at exhibitions,” said the bulletin.
The Hartford noted that it had introduced the STEP program two years ago “to meet a distinct need of the specialized truck equipment industry.” It has enjoyed great success, becoming “the industry’s product-of-choice in meeting far-reaching requirements within a single program. STEP continues to offer Workers’ Compensation in most states, as well as General Liability (including Products and Completed Operations coverages), and Automobile and Umbrella coverages. Available optional coverages include Worldwide Product Liability, Design Errors and Omissions (E&O) and Product Recall expense.”
The bulletin also noted: “To provide superior customer service, all accounts are underwritten and serviced by underwriters with years of experience in this industry. All underwriting is handled in The Hartford’s Specialty Programs division in Hartford, Conn. Policyholders have a choice of direct-bill flexible payment options as well as professional loss control services and superior claim service with a 24-hour toll-free claim hotline.
“While the STEP program is broadly available, some types of truck equipment business are excluded. Among the excluded areas of business are companies engaged in heavy engine or driveline repair; and the manufacturers, repairers, and distributors of chassis; busses and other passenger conveyances; and the tanks or tank bodies used in transportation of certain hazardous materials.”
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