Type to search

Insurtech News

HSB Canada Announces New Commercial Service Line Coverage

HSB Canada Announces New Commercial Service Line Coverage | Fintech Finance

HSB Canada announced the introduction of Commercial Service Line, a new coverage bridging a potentially costly gap so building owners can minimize losses resulting from service line breakdowns.

“When an exterior underground service line fails, building owners can find themselves responsible for thousands of dollars in repair costs,” said Terry Smith, Vice President, Treaty Client Management at HSB Canada. “The standard commercial property policy does not cover buried utility lines, and if there is coverage, it is often quite limited.”

Several services enter commercial buildings via buried service lines, including water, sewer, natural gas, electrical, communications, and compressed air. When damage to these utility lines occurs within property lines, it is generally the building owner’s responsibility. However, according to HSB research, 70 percent of those who have experienced a service line failure mistakenly believed someone else would be financially responsible for the repairs.

Available to partner insurers, HSB’s Commercial Service Line offers comprehensive coverage for exterior underground service line failures. Service line damage can occur due to root invasion, freezing, penetration by a shovel or backhoe, erosion, and wear and tear. By incorporating Business Interruption, Expediting Expenses, and Spoilage coverages, this new offering also helps business owners minimize disruption and losses.

HSB Canada provides partner insurers with turn-key coverage solutions for both personal and commercial policyholders, including underwriting, marketing and claims support.


People in this post:

Companies in this post:

Next Up