Global InformationHartford Steam Boiler Inspection and Insurance Company information
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| Company type | Subsidiary |
|---|---|
| Industry | Insurance |
| Founded | June 30, 1866 |
| Headquarters | Hartford, Connecticut |
Area served | United States |
| Products | Equipment insurance, Inspection services |
| Owner | Munich Re |
| Subsidiaries | Boiler Inspection & Insurance Company of Canada and HSB Engineering Insurance Limited of the U.K. |
| Website | munichre.com/HSB/ |
The Hartford Steam Boiler Inspection and Insurance Company (HSB) is a global specialty insurer and reinsurer headquartered in Hartford, Connecticut. It was founded in 1866 and is the largest provider of equipment breakdown insurance and related inspection services in North America serving over five million commercial locations.[citation needed]
HSB subsidiaries include the Boiler Inspection and Insurance Company of Canada (BI&I), which is the largest insurer of equipment breakdown insurance in Canada, and HSB Engineering Insurance Limited of the U.K., which provides engineered lines coverages and inspection services to clients in the U.K., Ireland and other EU countries.
HSB is part of Munich Re, one of the world’s largest reinsurers. Munich Re completed its acquisition of HSB in April 2009.[1]
Hartford Steam Boiler Group is rated A++ (Superior) by A.M. Best Company. On July 24, 2019, A.M. Best Co. affirmed the ratings of the Hartford Steam Boiler group and its member companies.[citation needed]
Hartford Steam Boiler (U.S.) provides equipment breakdown coverage through a network of brokers and agents and also through other insurance companies who partner with HSB and who include equipment breakdown as part of their insurance products for commercial lines and personal lines customers.
Equipment breakdown insurance, also known as “boiler and machinery,” covers physical and financial damage that results from an accidental equipment breakdown to a range of equipment, machinery and technology. Standard property coverages typically exclude perils of mechanical and electrical breakdown. Equipment breakdown coverage was originally designed for business and industry. In recent years, HSB has extended the product concept to the farm owners and homeowners markets.
The company also provides a range of other specialty insurance products including insurance for identity recovery, data compromise, employment practices liability and miscellaneous professional liability that it designs and distributes through other insurance companies in reinsurance service agreements.
Hartford Steam Boiler employs over 1,200 engineers, inspectors and technicians,[2] which account for approximately 50 percent of its total workforce.
In March 2020, HSB announced a new logo and brand. The new autonomous HSB brand brings together HSB's three largest businesses - Hartford Steam Boiler in the US, the Boiler Inspection and Insurance Company of Canada (BI&I), and HSB Engineering Insurance in the UK - under one banner.[3]
- ^ "From think factory to solution provider (2009 to present) | Munich Re". www.munichre.com. Retrieved 2024-01-18.
- ^ "About HSB | HSB".
- ^ "HSB Launches New Brand Powered by Technology". Odessa American. Associated Press. Retrieved 2020-03-03.