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The Hartford Adds Ocean Cargo Insurance to Its Quote Marine E-Submission Tool

Posted on: Tuesday, 24 January 2006, 12:00 CST

HARTFORD, Conn., Jan. 24 /PRNewswire-FirstCall/ -- As technology continues to improve the way business is conducted, The Hartford Financial Services Group, Inc. has announced that its international air and ocean cargo insurance is now available to agents using the company's dynamic electronic submission tool, Quote Marine.

(Logo: http://www.newscom.com/cgi-bin/prnh/20051208/HARTFORDLOGO )

Accessed through The Hartford's convenient Electronic Business Center (EBC) portal, Ocean Cargo is the second marine insurance product to be made available on the Quote Marine platform. The technology allows agents to quickly submit, rate and bind policies over the internet, placing coverage in minutes rather than days. It also reduces the amount of paperwork involved in the quoting process, and provides simple management of accounts at any time of day or night, with just a few clicks on a computer.

Ocean Cargo insurance is a type of commercial marine coverage that protects goods shipped internationally, by air or by sea, and also during their connecting transport. It also covers cargo that is re-packed by exporters or unpacked for distribution at its final destination.

The Hartford's Quote Marine capabilities also include Builder's Risk insurance, which was introduced in December 2004. Builder's Risk is a type of inland marine coverage that protects the increasing value of property and building projects during all phases of construction.

"The addition of Ocean Cargo to our Quote Marine platform shows how committed we are to our commercial marine business," said Lauren Berry, assistant vice president of the commercial marine unit at The Hartford. "Agents and brokers who write marine coverage want tools and processes that make their jobs easier. With our expanding electronic interface, we can help them focus more on relationships and new clients, which are the things that matter most to their business."

As with Builder's Risk insurance, Quote Marine enables agents to submit an Ocean Cargo application by completing a few easy-to-navigate screens. While the client waits, agents can test the effect of different deductibles and other options that impact premium. If the account meets underwriting guidelines, coverage can be offered with a limit of up to $1 million per vessel on international air and ocean cargo, and up to a total of $25 million in annual values shipped -- the agent can bind coverage immediately and the sale can be completed before the client hangs up the phone or leaves the agent's office. An application that does not meet online underwriting guidelines is automatically sent to a marine underwriter for consideration and will receive a response within two business days.

"For agents, this is an easy way to service many smaller to midsize marine exposures," added Berry. "Whether it's writing a policy in the early morning hours or reviewing a commission statement on a Sunday afternoon, doing marine business with The Hartford is quick and convenient. It's all part of our approach to be the company of choice for marine business."

Besides the easy online placement, The Hartford's Ocean Cargo program features the company's comprehensive Worldwide Transportation Policy(R) insurance protection, which includes extensive coverage for international cargo during all phases of the shipment process. Key features of this policy include automatic coverage for concealed damages up to 120 days after delivery; interest-free loans for up to 50 percent of a claim amount while that claim is being resolved; coverage for expenses incurred when rushing replacement parts, documentation or personnel to repair damaged property; protection from unscrupulous parties that use fraudulent documentation; full or partial reimbursement of a deductible after funds are recovered; protection for shipments lost in transit after 60 days; and automatic coverage for cargo placed in temporary storage, anywhere in the world. A minimum premium can also be set as low as $500.

One of the nation's leading, full-service marine insurance carriers, The Hartford has been a top choice among clients and agents for decades, pioneering a host of technology breakthroughs to make it easier for agents to write personal lines, small commercial and, more recently, middle market business.

The new Ocean Cargo quoting capability is part of the company's array of online tools available to any agent of The Hartford through its Electronic Business Center (EBC). In addition to Builder's Risk and Ocean Cargo, the company is planning to extend its Quote Marine electronic submission capability to other marine products, including Motor Truck Cargo and Contractor's Equipment. For further information and to register for the EBC, agents can contact their Hartford representative or call The Hartford's Agency Interface Services Team toll free at 877-322-4833 Monday through Friday from 8 a.m. to 8 p.m. EST.

The Hartford is one of the largest financial services and insurance companies in the U.S., with worldwide revenues of $22.7 billion in 2004. The company is a leading provider of investment products, life insurance and group benefits; automobile and homeowners products; and business property-casualty insurance. International operations are located in Japan, Brazil and the United Kingdom. The Hartford's Internet address is http://www.thehartford.com/.

Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our Quarterly Reports on Form 10-Q, our 2004 Annual Report on Form 10-K and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued.

Contacts: Joe Loparco 860-547-3397 Joseph.Loparco@thehartford.com Debora Raymond 860-547-9613 Debora.Raymond@thehartford.com

First Call Analyst: FCMN Contact: joseph.loparco@thehartford.com

Photo: http://www.newscom.com/cgi-bin/prnh/20051208/HARTFORDLOGOAP Archive: http://photoarchive.ap.org/PRN Photo Desk photodesk@prnewswire.com

The Hartford Financial Services Group, Inc.

CONTACT: Joe Loparco, +1-860-547-3397, Joseph.Loparco@thehartford.com, orDebora Raymond, +1-860-547-9613, Debora.Raymond@thehartford.com, both of TheHartford

Web site: http://www.thehartford.com/

Source: PRNewswire-FirstCall

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