The US-based Hanover Insurance said that the new product suite helps clients protect their operations and handle financial and reputational risk


Hanover Insurance introduces new solution to build insurance programmes. Photo: courtesy of Free-Photos from Pixabay.

The Hanover Insurance Group has introduced a new solution called Hanover Financial Institutions Advantage to help its agent partners build insurance programs for their financial institution clients.

The new solution will enable agent partners to provide coordinated property, casualty, management and professional liability coverages to small to mid-sized asset managers and depository institutions.

Hanover Insurance specialty president Bryan Salvatore said: “We recognize the importance of delivering account-focused solutions, helping our agent partners to build integrated insurance programs for their financial institution clients.

“The risks facing financial institutions today are ever-changing and increasingly complex. It’s more important than ever that insurance plans are coordinated across specialty and standard lines, helping provide more cohesive protection and deliver a more seamless insurance experience.”

The US insurance holding company said that the new product suite helps clients protect their operations and handle financial and reputational risk. The product suite has specialised coverages that include a financial institution bond to handle employee dishonesty, fraudulent transfers, and forgery.

Another specialised coverage is a directors and officers and entity liability coverage designed for giving protection against merger and acquisition lawsuits.

Hanover Insurance also has a cyber-coverage in the solution for responding to data breaches and a range of other cyberattacks.

The other specialised coverages offered by Hanover Financial Institutions Advantage cover lending and trust services liability, business income and extra expense, broadened property, foreclosed property and trust, mortgage errors and omissions, and professional liability.

Additionally, Hanover Financial Institutions Advantage is said to provide valuable services, resources, and discounts for loss prevention.

The new coordinated financial institutions coverages are currently available in two dozen states in the US and will be rolled out in more markets in early 2020. Currently, the property and casualty coverages for insurance firms are available across the country.

Hanover Insurance has been looking to invest in new digital tools

In September 2019, the US insurance holding company revealed plans to invest in new digital tools to improve its independent agent and customer experience.

The company said that the multi-year digital investments are aimed at addressing the changing requirements and choices of its partners and their customers.