Big “I” Markets
Alarm Contractors Market Poised for Growth
The Hartford offers alarm contractors program on Big “I” Markets.
The home security business is thriving, and with it is the need for alarm contractors to be properly insured. The Hartford alarm contractors program may be a great fit for clients who are in this line of work.
What about the growth potential in this market? Currently, less than 2% of households with monitored security utilize IP-based monitoring services for home security. But market research firm Parks Associates expects IP-based monitoring will eclipse traditional methodology by 2019, according to a story published in Security Sales & Integration.
Among broadband households—representing nearly 70% of all U.S. households—29% are interested in traditional security with IP-based features and 16% are enthusiasts with a high willingness to pay, according to the Security Sales & Integration story.
The Hartford program for alarm contractors includes businesses that perform:
- Alarm installation, including smart homes
- Alarm monitoring stations
- Closed circuit television (CCTV) installations
- Access control installation
Specialized coverages include:
- Alarm System and Central Station Protection Service Errors or Omissions. Coverage for breach of duty arising out of negligent acts, errors or omissions committed by insured or insured's employees.
- Extended Property Coverage (optional). Coverage for damage to customer's property that is in the business' care, custody or control.
- Lost Key Coverage (optional). Coverage for the loss of a customer's keys and cost to replace locks due to a covered cause of loss.
- Per Project Aggregate Limit. The general aggregate limit applies separately to each project.
- Automatic Coverage for Additional Insureds. Includes as an insured any person or organization agreed upon, in writing, as an additional insured.
The alarm contractors program doesn't include fire suppression systems and sprinklers, guard service and homeland security.
Before considering to write alarm company errors & omissions with an insurer other than the general liability carrier, read, Was Security Service's Error an "Accident?", in the Court Case section of Big "I" Virtual Risk Consultant. More information on VRC is here. |
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