The Hanover Insurance Group launches new financial institutions offering

The Hanover Insurance Group has launched Hanover Financial Institutions Advantage, a new solution for financial institutions.

This offering allows The Hanover's agent partners to better serve small to mid-sized asset managers and depository institutions with coordinated property, casualty, management and professional liability coverages.

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

"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 Hanover Financial Institutions Advantage 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; cyber coverage ; and 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.

It also provides business income and extra expense coverage; broadened property coverage; foreclosed property and trust coverage; mortgage errors and omissions coverage and professional liability coverage.

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, and preferred pricing on employment screening services.

The Hanover's coordinated financial institutions coverages are now available in two dozen US states and will be available in additional markets in early 2020. Additionally, property and casualty coverages for insurance companies are currently available throughout the US.

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