Hanover Specialty Industrial Property
Created By The Industry We Serve
Who is HSIP:
A property underwriting team established over 40 years ago by the American Coatings Association. We combine industry expertise, underwriting flexibility and a disciplined approach to write challenging industrial property exposures for selected Hanover agents.
Why should I do business with HSIP:
In times of uncertainty in the insurance industry, industrial property is often the first line that standard carriers revisit. In the face of disruption, either in the form of rate increases or non-renewals, HSIP is your safe harbor. We have a demonstrated history of solid stability in the high-hazard marketplace, with much of our growth coming from standard markets during times of turbulence.
We can also extend your Hanover relationship into classes traditionally placed with E&S carriers. We provide you with a limited distribution product with key characteristics that provide you with a competitive edge against the competition in pursuing and retaining new customers in a less crowded space. Our experience and expertise reduces the amount of industry and account specific knowledge you require, while helping you look like the expert.
What is HSIP :
We provide a standard market solution for risks often written in the surplus market by providing admitted paper, key coverage enhancements and competitive commission with opportunities for additional compensation. We have a strong appetite for risks in the industrial space (manufacturing, processing, distribution, storage) and a broad class appetite. We require our risks to be predominantly protected by sprinkler systems. We compete and win against standard markets as well as specialty surplus markets. The Hanover and/or HSIB may round out casualty. An average property premium of $35k equals an average commission of $5k per new customer and a total account commission over $10K.
HSIP Advantages
- Unsurpassed Industry Experience
- Admitted paper
- Replace current E & S policies
- Industry-recognized Property Engineers
- Specialized policy
- Fast turn-around
Products
- Fire & Allied Lines
- Equipment Breakdown
- Ancillary first party coverages available
Sub Limits Available
- Flood & Earthquake
Low Minimum Premium
- $10,000
- No minimum earned premium
Property Capacity
- $100 million per location within treaty: facultative for over $100 million
Competitive Advantages:
- Coverage for "all risks" of direct physical loss or damage (Subject to policy exclusions)
- Property coverage is valued at Replacement Cost
- No coinsurance (Agreed Amount)
- Finished Goods manufactured by the insured are valued at selling price
- Business Income Form includes Extra Expense and Rental Value
- Business Income valuation based on actual loss sustained
- Debris Removal included as part of building and personal property limits
- Debris Removal includes contaminated debris
- Earthquake Sprinkler Leakage included