A New Fab Five for Open Access Programs

 

We are pleased to announce the inauguration of a new Self Storage Program.  This program will replace the Business-Oriented Hotels Program within the Open Access Programs portfolio.  We anticipate a greater opportunity for our agents with the Self Storage Program as we’ve differentiated our product offering for this class by developing unique coverages necessary for this industry. View our updated Middle Market Programs Agent Reference Guide which provides appetite, coverage features line of business availability and more for all five programs. 

As with all of the Open Access Programs, production in the Self Storage Program counts towards agents’ IBA if they participate in an IBA structure.  

Discontinuing the Business-Oriented Hotels Program
After much consideration, Middle Market Programs has decided to discontinue the Business-Oriented Hotels Program.  Effective immediately, Middle Market Programs will stop accepting new business submissions on the hotel program.   

This decision is based upon the current market conditions of extremely aggressive pricing from more than a dozen key competitors.  While our core coverages and product offering are exceptional, they are more comprehensive than what the average buyer needs.  This situation has resulted in a yield ratio of less than 5% of the submitted accounts for the Business-Oriented Hotels Program. 

Business-Oriented Hotel Accounts Will Be Handled as Follows:

  •     New Business: Effective immediately, Middle Market Programs will stop accepting submissions for this program.

  •     Current Submissions Received:  Middle Market Programs will proceed with ‘business-as-usual’ on all new business already in the door to date.

  •     Renewals:  Non-renewals of the existing book will begin 1/1/08, subject to each state’s individual TORT requirements. 

New Opportunities With the Self Storage Program
The self storage industry is one of the fastest-growing sectors with over 50,000 facilities countrywide and presents a lucrative opportunity for The Hartford.  Our program appetite encompasses risks owning 1 to 500+ locations.     

Self Storage Program Coverage Features
We are proud to offer an all-lines solution for this program and have developed specific coverage features which are necessary to this industry and which will provide The Hartford with a competitive advantage.

  •     Sales and disposal liability: Provides comprehensive liability coverage with respect to sale, disposal, or removal of tenants’ personal property, or restriction of tenants’ access to the property due to actual or alleged failure of the tenant to pay fees or otherwise comply with terms and conditions of the rental agreement.  This coverage is provided on a per occurrence/ per aggregate basis.

  •     Customer goods legal liability:  Provides comprehensive liability coverage for damages to customers’ goods for which the insured becomes legally liable.  Full General Liability limits are applicable, which provides The Hartford with a competitive edge as most competitors put a sub limit on this coverage. 

Questions about Open Access Programs
Call Middle Market Programs at 1-800-533-7824 or contact your local Middle Market Sales Underwriter.

New Program Opportunities
Grow your agency by placing program business with The Hartford. We also have an expansive appetite for new program opportunities. If you have an existing program book of business you would like managed by The Hartford, contact us today. 
 

 Think Specialized Risks. Think The Hartford.