The Hartford Financial Services Group has launched Equipment Rental & Sales Choice, a new marine policy that provides comprehensive property protection for an array of equipment suppliers.
According to Hartford, the policy brings together several different types of coverage typically offered in separate marine policies.
The features of the policy include: a broad definition of covered property that includes nearly all types of equipment and tools ranging from flatware and serving items to large contractors’ equipment; the flexibility to customize coverage, limits and deductibles; and potential coverage for losses resulting from conversion of property for a use other than what was authorized in a rental agreement.
The policy offers broad all-risk coverage that includes flood, earthquake and voluntary parting with covered property and coverage for property that is not tied to specific premises, including property during transit and in storage, or on display in a showroom or at another type of exhibition.
The policy also provides coverage for businesses that perform maintenance of their customers’ equipment.
The Equipment Rental & Sales Choice is available as both a stand-alone policy and to customers of the company’s multi-line programs for equipment rental and sales businesses.
The Hartford assistant vice president and marine underwriting officer Alexander McGinley said, the Equipment Rental & Sales Choice was developed in direct response to feedback about specific customer needs and is designed to address virtually any type of equipment whether it is rented, owned or away on exhibit.