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New Tool Offers Agents And Brokers Online Quoting And Binding Of Equipment Breakdown Insurance

The Hartford Steam Boiler Inspection and Insurance Company (HSB) recently announced the launch of HSB InstantQuote, an online tool that promises a quick and efficient method of quoting and binding equipment breakdown coverage in as little as three minutes. HSB claims to be the first insurer to offer a web-based quoting tool for monoline equipment breakdown policies.

InstantQuote is designed to provide new business equipment breakdown quotes for small commercial and middle-market firms with individual location values up to $10 million for manufacturing and $20 million for non-manufacturing.

This new product was developed with input from agents who asked that the online interface be simple to use with no special technical knowledge or equipment required. They also wanted the system to be smart and automatically recommend a broad coverage program yet give them the flexibility to revise coverage and price to suit the situation. And they wanted the convenience to bind as well as quote online.

HSB estimates that the majority of the types of business it underwrites will be eligible for new business quotes using InstantQuote. If an account requires individual underwriting or has more than 20 locations, the information the agent has inputted online is instantly referred to an HSB underwriter.

Other features of InstantQuote include a live help desk to answer any questions, and an incentive program for agents who bind business using this tool. HSB also helps agents become more familiar with equipment risks for various classes of business by giving them online access to at-a-glance equipment exposure information that illustrates what equipment businesses use, how it can break down, and what breakdowns cost.

For more information about Hartford Steam Boiler and InstantQuote, go to www.hsb.com.

riskVue | The webzine for risk management professionals
March 2004