New Travelers Insurance Accounts Target Commercial Printers
Press release from the issuing company
HARTFORD, Conn.--April 25, 2007-- To meet the specific insurance coverage needs of the printers market, Travelers Commercial Accounts today announced the availability of a suite of coverages designed expressly for printers. The latest addition to IndustryEdge(SM), Travelers industry-focused suite of products sold within Commercial Accounts, this new product for printers is tailored for the mid-sized commercial printers who typically generate more than $15 million in sales.
"These new offerings simplify the product approach for printing businesses and show Travelers commitment to meeting the ever-changing needs of this evolving industry," said Bill Cunningham, President and CEO, Travelers Commercial Accounts. "Printers are an important market for us, and this new, tailored offering makes Travelers the ideal one-stop-shop for agents seeking to fulfill the insurance needs of today's printer."
This new product suite addresses the coverage implications of the many technological changes that have become critical to the printing industry. Until recently, the primary exposure associated with a printer was an error or omission in the materials being printed for a customer, and any ensuing financial harm. While that exposure remains today, the printer's current product is often intangible electronic data that - likewise - can cause financial harm if not handled properly. In this new digital environment, printers will often be in possession of electronic files, valuable photos and designs belonging to their customers, for the purposes of using them in the printing process. Such intangible property can have substantial value and require considerable effort to recreate. So intangible property - such as electronic data, of others in the care, custody or control of the printer for the purposes of printing services - as well as tangible property, now present significant perils for today's printers.
Travelers new Printers E&O form addresses this new risk while also providing a number of important coverages for printers, including the following:
-- Separate limit set for Correction of Work & Product Recall - including cost to repair, replace or recreate electronic data as part of insured's printing services or products.
-- Broadened definition of printing services or products, to include electronic data that is intended to be printed.
-- Coverage for subcontractors working on the insured's behalf for damages from wrongful acts.
-- Prior Acts coverage to address accounts transitioning from claims-made policies.
-- Definition of damages includes the cost or expense to repair, replace or recreate electronic data of others
-- Worldwide coverage territory, if suit is brought in the U.S., Puerto Rico or Canada.
"At Travelers, we understand that the key to success with mid-sized customers is to understand their businesses and industries," said Cunningham. "IndustryEdge, our industry-specific suite of products, perfectly reflects our commitment to our customers, their lines of business and their current business practices. IndustryEdge means superior knowledge of a variety of targeted industries--something we take pride in--as well as underwriting and loss control expertise specifically focused on these particular industries."
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