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HARTFORD, Conn.Hartford Steam Boiler Inspection & Insurance Co. is offering a new coverage aimed at protecting local governmental entities from the loss of tax revenue due to a fire or other insured accident that destroys residential or commercial property.
The tax interruption coverage responds when physical property damage prevents a town, school district or other municipal entity from collecting property taxes, occupancy taxes, excise taxes or other revenue.
It excludes income tax, fees and charges.
The coverage is designed for entities that can't afford to lose a sizable taxpayer, Hartford, Conn.-based HSB said.
HSB offers the tax interruption coverage as a turnkey reinsurance program, including claims management services.
Public entity insurers can add the coverage as an enhancement to their current property forms for a portfolio of public entity business.
HSB said that approach keeps premiums lower by spreading risk and by avoiding the administrative and handling costs that would be associated with issuing separate policies.
The period during which the policy restores lost tax revenue begins with the date of the insured loss; it ends when the damaged premises are restored or in 12 months, whichever is less, regardless of the policy's expiration date.
Coverage is triggered when the tax revenue loss exceeds a specified percentage of the insured's total tax revenue.