Travelers, a property casualty insurer, has launched IndustryEdge for Equipment Dealers, a new custom-designed coverage to help protect against the unique risks and exposures in the equipment distribution industry.
According to the Travelers, the IndustryEdge for Equipment Dealers will offer broad coverage for those engaged in the sale, lease, rent, service or repair of equipment or machinery.
The product which is available through Travelers’ network of independent insurance agents and brokers, covers construction equipment including excavation and grading, mining and quarrying, and concrete processing.
Industrial machinery and equipment including cement making, food processing and other machinery, as well as heat exchange, material handling and packing equipment will also be covered, said Travelers.
Travelers said that the IndustryEdge product offers tailored coverages to equipment dealers, including: general liability- an equipment dealers coverage endorsement with Errors & Omissions (E&O) coverage for title and insurance sales; statutory E&O coverage for leasing, lending, hourmeter and odometer, and prior damage disclosure.
Management Liability offers coverage for directors & officers/partnership liability, employment practices, fiduciary liability and kidnap and ransom.
Property/Inland Marine offers coverage on equipment leased or rented to others, false pretense, reduction of manufacturers floor plan deductible, legal liability for the loss of use for property and newly acquired premises and many more.
Travelers Commercial Accounts president Scott Higgins said this launch expands Travelers’ portfolio of specialized IndustryEdge products and the tailored product for equipment dealers is based on careful research and offers industry-specific risk control and exceptional claims handling, which allow to better serve the evolving needs of equipment dealers.
In addition, Travelers has designated claim specialists who understand the complexities of heavy equipment, and a special investigation and fraud team to help recover stolen equipment.