Hartford Announces ‘Ocean Companion’ Cargo Rider

April 8, 2005

The Hartford Financial Services Group, Inc. announced the launch of its new “Ocean Companion” endorsement, which attaches to the company’s Property Choice policy for medium-sized businesses. It” eliminates traditional reporting requirements for shipments, waives adjustments and deposits for cargo, and automatically provides war coverage,” said the bulletin.

“With more flexibility and broader capabilities than other policies on the market, an all-in-one endorsement allows agents to easily add peace of mind for mid-sized customers importing or exporting products by ocean or air,” the announcement continued.

“In times of uncertainty, simple solutions go a long way,” explained Greg Berg, vice president of middle market in The Hartford’s property-casualty operations. “From seizure by kings in foreign lands to lost containers at sea, this easy add-on to our property policy provides protection for a business owner’s precious cargo with no hassle for one flat premium.

“Wholesalers, retailers and manufacturers with low to moderate international shipping exposures no longer have to buy a separate ocean cargo policy to protect their goods from modern-day pirates or damage in transit,” said Berg. “And, they no longer have to spend valuable time tracking and reporting shipment details in order to obtain the coverage like many other policies.”

The Hartford described what it called the “Unique features of Property Choice Ocean Companion,” as including the following:
— Automatic war coverage;
— Coverage for both importing and exporting;
— Coverage for both ocean and air shipments, including all connecting
conveyances; and
— Ease of use — no tracking or reporting of shipment details.

“Our agents told us they needed a comprehensive endorsement that was just the right fit for mid-sized businesses,” added Scott Shapiro, vice president of The Hartford’s commercial marine unit. “We were able to combine our expertise in marine with our popular Property Choice policy to create a product that hits the high water mark on coverage and convenience for a reasonable price.”

Shapiro also noted that the new Ocean Companion endorsement complements The Hartford’s full-service marine operation, which offers a range of inland and ocean marine products.

For more information on Property Choice Ocean Companion, agents should contact Lauren Berry, assistant vice president of marine, at 860/547-3497 or lauren.berry@thehartford.com.

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