The Hartford Financial Services Group, Inc. has expanded its real estate insurance program to offer property and liability coverage to commercial property owners and managers.
The Hartford’s target market encompasses owners and managers of retail, industrial, and office properties, whose primary source of income is rental receipts from these properties.
Many of the options and features are made available through the company’s new Supplemental Property Insurance Coverage Endorsement (SPICE) for Real Estate, a complement to The Hartford’s broad Property Choice policy. The SPICE for Real Estate meets a variety of industry-specific needs, including business income coverage up to the following amounts:
* $100,000 for reduced or lost rental receipts resulting from direct physical damage to an anchor store at a commercial property.
* $50,000, if a covered cause of loss at an adjacent property prevents or limits access to the policyholder’s property.
* $50,000, when property is restored after a covered loss and results in a tax increase due to higher property values.
* $1,000,000 for losses to newly-acquired property.
In addition, The Hartford’s SPICE for Real Estate provides coverage for paved areas, contract cancellation, lock re-keying and replacement and the reprogramming of electronic key cards, while offering higher limits for fine arts, utility services, and underground seepage.
The Hartford also offers a contingent property coverage that affords valuable asset protection. This coverage addresses an exposure unique to the real estate industry, and takes effect when a tenant fails to secure the necessary insurance coverage or limits mandated in a leasing contract.
Beyond property coverage, The Hartford has also addressed relevant liability insurance needs through the modification of its standard General Liability Choice policy. This enables the common types of commercial real estate owners — limited liability companies, limited partnership, and limited liability partnerships — to be named as the insured on a policy. Similarly, policyholders can modify the policy to ensure that entities owning commercial property are covered as the additional insured.
The Hartford’s web-based risk management information system, @venture, will now be available to commercial real estate clients with $200,000 or more in annual premium. This system gives clients online access to their claim information.
Source: The Hartford
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