HSB TechAdvantage™ Equipment Breakdown and Technology Insurance Covers Invisible Risks

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HSB TechAdvantage™ Equipment Breakdown and Technology Insurance Covers Invisible Risks

First-of-its-Kind Microelectronics Coverage Now Available

The Hartford Steam Boiler Inspection and Insurance Company (HSB) is expanding the availability of HSB TechAdvantage™, the first equipment breakdown insurance that covers undetectable physical damage to microelectronics, by offering policies through agents and brokers, the company announced today.

“Technology is leaping ahead with new capabilities that create entirely new forms of equipment, machines and applications for them,” said Marc Saulsbury, vice president for HSB, part of Munich Re. “Sensitive micro-circuitry makes it possible to operate powerful equipment in your business, or carry it in your briefcase. HSB TechAdvantage™ is the next step in the evolution of our equipment breakdown insurance to cover these new risks.”

Microelectronics, devices and circuits are critical to almost all systems, equipment and technology. Yet, these technologies are prone to failures where physical damage is undetectable, as well as non-physical failures due to firmware or software corruption.

HSB TechAdvantage™ expands equipment breakdown and business interruption coverage beyond evidence of physical damage to circuit boards, computer chips and other micro-circuitry. The new coverage is triggered when equipment containing electronic circuitry stops working but is restored when the electronic component is replaced.

Until now, most equipment breakdown and property insurance required evidence of physical damage to cover losses, and did not adequately address today’s microelectronic risks.

HSB TechAdvantage™ is the most innovative equipment breakdown product HSB has ever offered, with five new coverages: microelectronics coverage; cloud computing service interruption coverage; expanded data restoration coverage; expanded off-premises coverage and public relations coverage.

The new coverage is available now in most of the United States, with other state approvals pending.



Note for the editorial staff:

For further questions please contact

Media Relations, HSB, Dennis Milewski
Tel.: +1 (860) 722-5567


About HSB

Hartford Steam Boiler (HSB), a member of Munich Re’s Risk Solutions family since 2009, is a leading engineering and technical risk insurer providing equipment breakdown insurance products, other specialty coverages, and related inspection services and engineering consulting. Founded in 1866, HSB's difference is grounded in extensive technical knowledge with over 50 percent of its staff engineers, inspectors and technical personnel around the globe. We leverage our knowledge to anticipate future risks and develop a range of specialized solutions that enable our clients to build deeper and more profitable customer relationships.  HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). For more information, visit www.hsb.com and connect on LinkedIn, Twitter and Facebook.

About Munich Re

Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2014, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.2bn on premium income of over €48bn. It operates in all lines of insurance, with over 43,000 employees throughout the world. With premium income of around €27bn from reinsurance alone, it is one of the world’s leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in the ERGO Insurance Group, one of the leading insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2014, ERGO posted premium income of €18bn. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. Munich Re’s global investments amounting to €227bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group. 

Hartford, Connecticut, September 9, 2015

The Hartford Steam Boiler Inspection and Insurance Company
One State Street
P.O. Box 5024
Hartford, Connecticut 06102-5024
United States
www.hsb.com

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