Travelers today announced IndustryEdge for equipment dealers that provides custom-designed coverage to help protect against the unique risks and exposures in the equipment distribution industry.
"This launch expands Travelers' portfolio of specialized IndustryEdge products and adds to our market-leading position of providing industry-specific products and services," said Scott Higgins, president, Travelers Commercial Accounts. "Our tailored product for equipment dealers is based on careful research and offers industry-specific risk control and exceptional claims handling, which allow us to better serve the evolving needs of equipment dealers," he added.
Available through Travelers' network of independent insurance agents and brokers, IndustryEdge for Equipment Dealers offers broad coverage for those engaged in the sale, lease, rent, service or repair of the following types of equipment or machinery:
- 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.
- Farm Equipment Dealers including cultivating, milking, irrigation and poultry equipment.
Specifically, this IndustryEdge product offers tailored coverages unique 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 - Coverage for Directors & Officers/Partnership Liability, Employment Practices, Fiduciary Liability and Kidnap & Ransom.
- Property/Inland Marine - Coverage for 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, to name a few.
"One of the most important elements of this new IndustryEdge offering is Travelers' service capabilities," said Dave Stevenson, Industry Manager, Travelers Commercial Accounts. "To help manage risks, we have a risk control team experienced in contractual risk liability techniques and Rental Equipment Dealers TravSources(R), which is an online collection of safety and loss prevention resources." 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.
The Travelers Companies, Inc. is a leading property casualty insurer selling primarily through independent agents and brokers. The company's diverse business lines offer its global customers a wide range of coverage in the auto, home and business settings. A component of the Dow Jones Industrial Average, Travelers has more than 30,000 employees and generated revenues of approximately $25 billion in 2009. For more information, visit www.travelers.com.