Financial Institutions Offering from Hanover Targets Asset Managers, Depositories
The Hanover Insurance Group has launched Hanover Financial Institutions Advantage, a new offering that provides small to mid-sized asset managers and depository institutions with coordinated property, casualty, management and professional liability coverages.
The Hanover Financial Institutions Advantage 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 and officers and entity liability coverage to protect against merger and acquisition lawsuits
- 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 and omissions coverage to cover clients’ mortgagee interests in properties, as well as errors or omissions
- Professional liability coverage to address reputational risk and defend against accusations of a wrongful act
The company has built a team of professionals with experience in financial institutions. In addition, Hanover Financial Institutions Advantage offers resources, services and discounts for loss prevention, including an online risk management portal, an employment practices liability risk management hotline, preferred pricing on employment screening services and more.
The Hanover’s coordinated financial institutions coverages are now available in two dozen states and will be available in additional markets in early 2020. Additionally, property and casualty coverages for insurance companies are currently available countrywide.