Hartford Financial Services Group has become the first US-based insurer to cover home-based electric vehicle (EV) charging stations after an investment by its corporate venturing and incubation unit in Coulomb Technologies last year.
Hartford’s revised homeowners insurance products will by the end of the year offer: EV charger coverage and green rebuilding coverage, which offers additional coverage for using environmentally-friendly materials or processes to make repairs after a covered loss or making necessary replacements with more energy-efficient or environmentally-friendly property.
There are expected to be 27,000 electric cars sold this year and Hartford said it would install EV charging stations from Coulomb at its Hartford, Simsbury and Windsor campuses.
Liam McGee, Hartford’s executive chairman, said: "Installing electric vehicle charging stations and providing insurance coverage for them [EVs] demonstrates our support for developing the electric vehicle market and our commitment to a cleaner environment."
In September, Coulomb raised $15m in its series C round from Siemens Venture Capital, the corporate venturing division of Germany-based conglomerate Siemens, and Hartford Ventures, an investment division of Hartford Financial Services Group, and venture capital firms Harbor Pacific Capital, Rho Ventures and Voyager Capital.