Hartford Steam Boiler Introduces Property Casualty Coverage for U.S. Businesses With International Operations; HSB OneSource Addresses Common Coverage Gap

    HARTFORD, Conn.--March 13, 2001--Because of misunderstandings and misconceptions about international insurance, many middle-market U.S. companies have inadequate or no international insurance. To help fill the growing gap in coverage, The Hartford Steam Boiler Inspection and Insurance Company, one of the country's leading specialty insurers, is introducing a new international insurance product called HSB OneSource.
    HSB OneSource marks the company's entry into a broader line of specialty property and casualty insurance products. The coverage, combines multiple foreign commercial insurance products into one program that can be tailored to the specific needs of a middle-market American businesses or institutions operating in the international marketplace.
    "U.S. organizations are increasingly exposed to a multitude of risks overseas through routine activities such as business travel, exporting goods and services and student exchange programs. Most U.S. insurance policies provide no or very limited coverage outside the United States or Canada," said James Parisi, Hartford Steam Boiler vice president. "Yet many insureds mistakenly believe that if they don't have a location or assets overseas, they don't need international insurance," said Parisi.
    "A common misconception, even amongst insurance professionals, is that you can cover overseas risks by adding a foreign coverage endorsement to a U.S. policy. That approach is inadequate because it would not cover claims or lawsuits filed overseas," Parisi noted. "HSB has a dedicated international insurance staff to provide advice and hands-on support. Our job is to clear up the confusion and make it easier for people to obtain the coverage they need," Parisi added.
    As important, U.S. policies make no provision for the claim and legal assistance that an insured would need if they get into trouble abroad. "With HSB OneSource, clients have access to an extensive international claim service network in where they can obtain personal service from professionals familiar with local laws and customs," said Parisi.

    HSB OneSource product features include:

    --Foreign Commercial General Liability.
    --Foreign Commercial Auto Liability (hired / owned / nonowned - excess of compulsory coverage purchased locally).
    --Foreign Voluntary Workers' Compensation / Employer's Liability.
    --Foreign Commercial Property (All risk coverage for building, contents, business. interruption with available earthquake, flood, sabotage and terrorism extensions).
    --Kidnap and Ransom/Extortion.
    --Political Risk (Confiscation, Expropriation and Nationalization).
    --Foreign Travel Accidental Death and Dismemberment and Emergency Medical treatment for accident or illness.
    --Marine/Cargo Transit (Includes ocean or air transit/import and export shipments).
    --Comprehensive Crime Coverage (Foreign locations). Includes: Fidelity, Comprehensive dishonesty, disappearance and destruction crime coverage, loss of money and securities on/off premises.

    HSB OneSource is available through agents and brokers representing Hartford Steam Boiler and through other insurers that Hartford Steam Boiler will reinsure for international coverages. The toll-free telephone number for HSB OneSource is 1-866-861-0140.

    The Hartford Steam Boiler Inspection and Insurance Company, one of the world's leading equipment breakdown insurers, is a global provider of specialty insurance products, inspection services and engineering consulting. Hartford Steam Boiler was founded in 1866 to provide loss prevention service and insurance to business, industries and institutions. For more information about Hartford Steam Boiler visit its website at www.hsb.com.