US-based Hanover Insurance Group has expanded its range of personal lines insurance products to include new watercraft insurance.
According to National Marine Manufacturers Association of the US, there 12 million registered boats in the country.
The insurer believes that the new coverage will help its agent partners offer broad protection to their customers’ watercraft needs.
The company has widened the range of coverage for watercrafts to include motorboats and sailboats between $3,000 and $300,000 of value.
The new product will offer flexible coverage offerings, limits and loss settlement options to help customise a policy as per the customer’s requirements. It will also include coverages such as fishing equipment, towing assistance, and pet injury protection.
The offering will allow customers to directly quote in the company’s sales platform with the ability to prefill customer account information.
Additionally, the new watercraft product will also offer coverage for accidents and losses on lakes, rivers, inland waters, and ocean up to 50 miles off the coast of the US and its territories and Canada, with the option to extend up to 100 miles from the coastline.
The Hanover personal lines president Daniel Halsey said: “We strive to be our agents’ carrier of choice for preferred accounts, which is why it’s important for us to continue to invest in products and services that help our agents best serve their customers.
“With our flexible new watercraft offering, agents can offer customers full account protection with The Hanover on the water, on the road and at home.”
In April this year, the insurance company launched Insurago, a new digital insurance platform that allows independent agents to acquire new customers.
With the new platform powered by CoverWallet, agents can place their own personalised link on agency website or social media channels and easily quote and issue an insurance policy through the Hanover.
Initially, the digital platform is being launched for freelancers, independent contractors and self-employed professionals who need professional liability insurance.