PRODUCT: Hanover Prestige
COMPANY: The Hanover Insurance Group, Inc.
BEST RATING: A (Excellent)
AVAILABILITY: Coverage is available in all of The Hanover’s personal lines markets through the carrier’s agency partners.
FOCUS: Hanover Prestige, a distinctive brand of market-leading personal insurance options designed for customers with complex coverage needs, is now available in all of The Hanover’s personal lines markets for home, auto and condominiums.
Hanover Prestige offers powerful insurance protection, high-quality care and service, along with flexibility and choice for customers with broader asset protection needs. With coverage options that can be easily customized at an account or an individual policy level, Hanover Prestige provides unparalleled options for agencies and their customers.
For example, agencies can tailor coverage to each customer’s unique needs by adjusting limits that are usually locked in by most carrier policies, such as limits for other structures on a property, including a shed, fence or detached garage; or limits for contents and personal possessions.
Multiple auto coverage options are also available and can be tailored specifically for each vehicle on the policy, such as lifetime original equipment manufacturer parts coverage, new car replacement and agreed value.
“The Hanover’s research shows these customers value the guidance of an independent agent and are willing to spend more on coverage that responds to their needs,” says Dan Halsey, president, personal lines at The Hanover. “These customers are discerning, and price is a factor in their decision-making process.”
As a result, these insureds may “prefer customizing coverage to avoid paying for coverage they may not need,” Halsey points out. “The Hanover’s agency partners are in a unique position to both assess coverage needs and serve as trusted advisers to these customers, helping them address and mitigate potential exposures and maximize the value for their insurance dollar.”
COVERAGE DETAILS: For home policies, Hanover Prestige offers:
- Guaranteed replacement cost with a cash settlement option, enabling customers to choose when and where to rebuild in the event of a total loss
- Water backup and ordinance of law coverages, with limits up to the full replacement cost of the home
- Service line coverage of $20,000 for damage to underground pipes that run from the street to the home
- Loss of use coverage at the actual loss sustained, with no cap on the dollar amount or time limit
For auto policies, Hanover Prestige includes:
- Worldwide rental car coverage and options for rental upgrade coverage with limits up to $6,000
- Lifetime original equipment manufacturer parts, regardless of a vehicle’s age
- New car extended coverage, which provides full replacement cost for vehicles in their first three model years
The Hanover also has relationships with several vendors through its Partners in Protection program, which gives insureds access to additional benefits such as discounts on home security and water leak defense systems, suggestions for local contractors, and jewelry replacement or purchase.
UNDERWRITING: Hanover Prestige is generally available for homes with a Coverage A values from $750,000 to $3 million, and for autos with 250/500 limits.
MINIMUM PREMIUM: N/A.
TARGET: Hanover Prestige is a great fit for approximately 10% of the average agency’s book of business—especially for preferred account insureds who are seeking a combination of protection, options, value and service.
“We believe that Hanover Prestige isn’t so much defined by a demographic or persona, but rather by an understanding of asset protection needs and customer mindset,” Halsey explains. “These elements are best determined through a combination of high-quality, front-line underwriting and the Coverage A value of the customer’s home, along with auto limits.”
COVERAGE TERRITORY: All of The Hanover’s personal lines markets, including 19 U.S. states.
CONTACT: Dan Halsey, president, personal lines at The Hanover; 508-855-2215
Jacquelyn Connelly is former IA senior editor.