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The Hanover Offering Targets Asset Managers, Depositories

The Hanover Financial Institutions Advantage suite helps clients protect their operations and manage financial and reputational risk.
Sponsored by

PRODUCT: Hanover Financial Institutions Advantage

COMPANIES: The Hanover Insurance Group, Inc.

BEST RATING: A (Excellent)

AVAILABILITY: Available to appointed agents and brokers.

FOCUS: The Hanover recognizes the need for a responsive carrier that provides product solutions across the financial institution risk profile, including standard property and casualty offerings, coupled with leading management liability, cyber and fidelity bond solutions.

The Hanover introduced solutions for financial institutions in 2019 where “our goal at the outset was to deliver an industry-leading solution while responding to our partner agents and brokers request for ease of doing business,” says Jon Martin, vice president, distribution management, The Hanover. “The approach we’ve taken makes the solution unique, as we’ve built a team to be responsive to agents and to coordinate internally as opposed to agents needing to access multiple contacts by line of business.”

COVERAGE DETAILS: Hanover Financial Institutions Advantage’s comprehensive product suite helps clients protect their operations and manage financial and reputational risk. It includes specialized coverages, such as:

  • A financial institution bond to address employee dishonesty, forgery and fraudulent transfers.
  • Directors & officers and entity liability coverage to protect the board of companies against claims of alleged mismanagement.
  • Cyber coverage to respond to a variety of cyberattacks, including data breaches.
  • Lending and trust services liability coverage to address lawsuits arising from lending activities, including class action demands and counter actions against foreclosure and repossession matters.
  • Business income and extra expense coverage to enable clients to continue operations after a loss.
  • Broadened property coverage to insure ATMs on- and off-premises.
  • Foreclosed property and trust coverage to easily address foreclosed and repossessed assets.
  • Mortgage errors & omissions coverage to cover clients’ mortgagee interests in properties.
  • Professional liability coverage to address reputational risk and defend against accusations of a wrongful act.

UNDERWRITING: Rating factors vary by line of business and consider number of employees, assets, locations or branches, exposures from ATMs, safe deposit boxes, prior experience, and risk management controls. Premiums will vary depending on class of business, rating factor exposures and type of entity.

MINIMUM PREMIUM: $1,500

TARGET: The Hanover’s executive liability products are best suited for two primary classes of clients: asset managers and community banks. “Our asset manager product addresses the needs of investment advisers, mutual funds, private equity and hedge funds,” Martin says. “Our community bank product is well suited for true community banks that are non-publicly traded, targeting assets less than $5 billion.”

“Our appetite for property and casualty further extends to include insurance companies and credit unions, as well,” he says.

COVERAGE TERRITORY: Worldwide

COVERAGE AVAILABILITY: All U.S. states except Alaska and Hawaii.

CONTACT: Jon Martin, VP, distribution management; 269-240-8118.

Will Jones is IA managing editor.

15210
Tuesday, June 2, 2020
Commercial Lines