First insurer to offer comprehensive turn-key solution addressing costly exposures for underground piping breakdowns
Toronto, ON (June 8, 2022) – HSB Canada is pleased to announce the introduction of Commercial Service Line, a new coverage bridging a potentially costly gap so building owners can minimize losses resulting from service line breakdowns.
“When an exterior underground service line fails, building owners can find themselves responsible for thousands of dollars in repair costs,” said Terry Smith, Vice President, HSB Canada. “The standard commercial property policy does not cover buried utility lines, and if there is coverage, it is often quite limited.”
Several services enter commercial buildings via buried service lines, including water, sewer, natural gas, electrical, communications, and compressed air. When damage to these utility lines occurs within property lines, it is generally the building owner’s responsibility. However, according to HSB research, 70 percent of those who have experienced a service line failure mistakenly believed someone else would be financially responsible for the repairs.
Available to partner insurers, HSB’s Commercial Service Line offers comprehensive coverage for exterior underground service line failures. Service line damage can occur due to root invasion, freezing, penetration by a shovel or backhoe, erosion, and wear and tear. By incorporating Business Interruption, Expediting Expenses, and Spoilage coverages, this new offering also helps business owners minimize disruption and losses.
HSB Canada provides partner insurers with turn-key coverage solutions for both personal and commercial policyholders, including underwriting, marketing and claims support.
About Hartford Steam Boiler (HSB)
HSB Canada, part of Munich Re, is a multi-line specialty insurer and provider of inspection, risk management and IoT technology services. HSB Canada’s insurance offerings include equipment breakdown, cyber risk and other coverages. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 150-year history HSB’s mission has been to help clients prevent loss, advance sustainable use of energy and build deeper relationships that benefit business, public institutions and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). For more information, visit www.hsb.ca.
About Munich Re
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake through to Hurricane Ida in 2021.. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyberattacks, or pandemics. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.
© 2022 The Boiler Inspection and Insurance Company of Canada, part of HSB Group. All rights reserved. This is intended for information purposes only and does not modify or invalidate any of the provisions, exclusions, terms or conditions of the policy and endorsements. For specific terms and conditions, please refer to the coverage form.
SOURCE: Münchener Rückversicherungs-Gesellschaft (Munich Re)Tags: commercial lines, Hartford Steam Boiler (HSB), industry first, launch, Munich Re