Travelers Construction Insurance Offers Wrap+® Fidelity and Crime in Its Comprehensive Package of Coverages

Making it Easy for Agents to Include Fidelity and Crime Coverage Requests on Construction Insurance Submissions

HARTFORD, Conn.--(BUSINESS WIRE)-- To help protect construction contractors’ assets from internal theft, Travelers (NYSE: TRV) Construction Insurance and Travelers Bond & Financial Products teamed together to offer the Wrap+ Fidelity and Crime Coverage to the Construction Industry. According to the 2008 Report to the Nation on Occupational Fraud and Abuse, American construction contractors that hired a Certified Fraud Examiner suffered a median loss of $330,000 as a result of internal fraud. The same study showed that businesses with fewer than 100 employees suffered 38 percent of the fraud committed.

“While the implementation of strong internal controls is paramount to stopping employee theft, Travelers Construction recognizes and understands that no matter how well conceived or policed, these systems cannot stop all fraudulent activity,” said Scott Higgins, President, Travelers Construction. “To help our independent insurance agents and brokers better serve their construction contractor customers, Travelers Construction partnered with Travelers Bond & Financial Products to incorporate the Wrap+ Fidelity and Crime Coverage into the suite of offerings quoted by Travelers’ dedicated construction underwriters. Now, agents will have the ability to easily add crime and fidelity coverage to all of their construction submissions.”

Through feedback received from its independent agents, Travelers Construction and Travelers Bond & Financial Products built the Wrap+ Fidelity and Crime Coverage for the Construction Industry product to provide agents with a one-carrier solution for both the property and casualty liability needs of their contractor clients. Available for construction contractors of all types, Travelers Wrap+ Fidelity and Crime Coverage provides an unmatched level of coverage, including:

• Dedicated and separate limits for each insuring agreement (other than Claims expense)
• ERISA bond coverage with an automatic inflation guard protection to meet pension plan requirements
• Personal accounts protection – including forgery of an owner’s personal checks, and the reimbursement of expenses for an owner who is the victim of identity theft
• Flexible limits to meet varying levels of protection
• Risk Management Plus+^® Online, at no additional cost and available for all management liability, crime and fidelity products
• Third-party coverage for theft of client property at job sites

Additionally, Travelers offers its customers a complement of Inland Marine and Boiler & Machinery products and services, among others. From Equipment Breakdown testing to Builders’ Risk and Installation coverages to services from the Specialty Investigations Group, which may investigate the theft of equipment and building materials, Travelers provides a total account solution for the construction industry.

Travelers Construction is on the leading edge of industry changes, anticipating emerging risks and customer needs. For more information, contact your local Construction Account Executive or Dan Makey, (651) 310-7535 or [email protected].

About Travelers
The Travelers Companies, Inc. (NYSE: TRV) is a leading property casualty insurer selling primarily through independent agents and brokers. The company’s diverse business lines offer its global customers a wide range of coverage in the auto, home and business settings. A component of the Dow Jones Industrial Average, Travelers has more than 30,000 employees and generated revenues of approximately $25 billion in 2009. For more information, visit www.travelers.com.

Coverage for all claims or losses depends on actual policy provisions. Availability of coverage can depend on underwriting qualifications and state regulations.

The Travelers Companies, Inc.
Jeffrey Weir, 860-277-8692
[email protected]

Source: The Travelers Companies, Inc.