Financial institutions
Financial institutions face a myriad of exposures in an ever-changing industry. Hanover Financial Institutions Advantage is designed to address those exposures with a coordinated property, casualty, management and professional liability solution.

Our appetite for financial institutions varies by state, size of risk and line of business. Please contact your local underwriter to discuss specific opportunities. 

The appetite below outlines examples of the various classes we target for property, casualty, management and professional liability coverage.

 

Asset managers

  • Financial planners
  • Hedge funds
  • Investment advisors
  • Mutual funds
  • Private equity funds
  • Real estate investment trusts (REITs)
  • Venture capital funds

Depository institutions

  • Community banks
  • Regional banks
  • Thrifts

 

Additional classes

Building on our coordinated appetite, we are able to offer property and casualty coverage for:

  • Credit unions
  • Financial broker/dealers
  • Insurance agents, brokers and program administrators
  • Insurance companies and reinsurers
  • Investment banks and other lending operations

Not in appetite

  • Cannabis-related businesses
  • Cryptocurrency-related businesses
  • Payday lenders

 

 


 

With our coordinated property, casualty, management and professional liability solution, we’re able to offer broader, more cohesive protection for financial institutions. This helps reduce coverage gaps and provides a more seamless insurance experience—including a single bill.

Property and general liability

Property

  • Selection of base property broadening endorsements that add or enhance more than 65 coverages
  • Equipment breakdown coverage
  • Foreclosed and trust property coverage
  • Add the financial institutions property broadening endorsement below to a base property endorsement to further tailor industry-specific coverage.

Financial institutions property broadening endorsement 411-1500 (available for bank clients)

Coverage Limits Coverage Limits

Automated teller machines (ATMs) — described premises

Included

Emergency vacating expense

$25,000

Automated teller machines (ATMs) — off premises

$25,000

Temporary meeting space expenses

$25,000

Business income and extra expense — cloud services

$25,000

Tenant signs

$25,000

Business income and extra expense — websites

$25,000

 

 

General liability 

CGL enhancement endorsement - financial institutions 421-5007

Coverage Limits Coverage Limits

Additional insured — controlling interest

Included

Incidental malpractice (employed nurses, EMT's and paramedics)

Included

Additional insured — employee and volunteer worker broadened bodily injury coverage

Included

Liability for conduct of unnamed joint ventures, partnerships or limited liability companies

Included

Aggregate limit per location

Included

Mobile equipment redefined

Included

Aircraft – non-owned, hired, chartered or loaned with paid crew

Included

Property damage legal liability
– Broad form
– Fire, lightning, explosion, smoke and leakage from fire protective systems damage limit

$1,000,000

Alienated premises

Included

Repossessed watercraft

Included

Broad form named insured

Included

Supplementary payments — additional limits

$1,000

Extended property damage

Included

Supplementary payments increased limits — bail bonds

$5,000

Management and professional liability

  • Financial institution bond
  • Directors and officers and entity liability
  • Employment practices liability
  • Fiduciary liability
  • Bankers professional liability
  • Lending and trust services liability
  • Investment advisor errors and omissions liability
  • Mutual fund liability
  • Private fund liability

Our management and professional liability coverage for depository institutions is offered on an admitted basis. Most management and professional liability coverages for asset managers are offered on a non-admitted basis through Hanover Specialty Insurance Brokers (HSIB), our in-house excess and surplus brokerage.

Additional coverage options

At The Hanover, we understand the value of comprehensive protection. Our Hanover Financial Institutions Advantage solution protects against the unique risks faced by financial institutions. Unlock The Hanover Advantage:
 

 

Risk management services

We offer valuable resources for loss prevention information and services, including an online risk management portal, an employment practices liability risk management hotline, preferred pricing on employment screening services and more.

Learn more

 

Competitive products

Our coordinated approach streamlines the insurance buying process, reducing the number of touch points with insurance companies and helping reduce potential gaps in coverage. We offer:

  • Account-focused solutions
  • Industry-specific broadening endorsements

 

Dedicated claims team

Our claims teams have years of industry expertise and experience handling the unique types of claims financial institutions face. Our in-house claims professionals, litigators, defense counsel and extended network of law firms work closely to resolve claims quickly and equitably.

 

 

Financial services expertise

At every level—underwriting, risk management, claims and customer service—we’ve sought out an experienced team and backed them with sophisticated product and service offerings. Plus, we are able to handle surplus lines taxes and fees through HSIB without impacting commission.

 

Risk Solutions partnership

We provide criminal background checks online as well as employment screening services, cyber security, global security and much more.

Learn more

 

Trusted partner

We offer the support and financial strength of an "A"-rated leading insurance carrier.

 

Appetite

Our appetite for financial institutions varies by state, size of risk and line of business. Please contact your local underwriter to discuss specific opportunities. 

The appetite below outlines examples of the various classes we target for property, casualty, management and professional liability coverage.

 

Asset managers

  • Financial planners
  • Hedge funds
  • Investment advisors
  • Mutual funds
  • Private equity funds
  • Real estate investment trusts (REITs)
  • Venture capital funds

Depository institutions

  • Community banks
  • Regional banks
  • Thrifts

 

Additional classes

Building on our coordinated appetite, we are able to offer property and casualty coverage for:

  • Credit unions
  • Financial broker/dealers
  • Insurance agents, brokers and program administrators
  • Insurance companies and reinsurers
  • Investment banks and other lending operations

Not in appetite

  • Cannabis-related businesses
  • Cryptocurrency-related businesses
  • Payday lenders

 

 


 

Industry resources

 

 

Depository institutions management and professional liability coverage guide

This brochure outlines the coverage we’ve specially designed to meet the financial liability needs of depository institutions.

Download now

Resources for you

Financial institutions applications

Policy forms library

 

Marketing resources - asset managers

 

Marketing resources - depository institutions

Resources for your customers

Our Risk Solutions program includes onsite and remote assessments, on-demand learning, self-service tools and custom action plans that address the complex demands and issues facing your clients in the finance industry.

Comprehensive background checks

Check fraud prevention checklist

Mitigating employment practices liability claims - online course

See all of our Risk Solutions resources for financial institutions

 

Customer tools

Claims reporting

My Hanover Policy

 

 

Let's start a conversation today

Property and casualty

Jim Albertson
Assistant Vice President, Industry Solutions
508-855-2631
jalbertson@hanover.com

Professional and executive lines

Jon Martin
Vice President, Distribution Management
269-240-8118
jonmartin@hanover.com

 

Hanover Specialty Insurance Brokers, Inc. CA License # 0759293 NY License # EX-530458-R