Hanover Specialty Industrial Property
Created By The Industry We Serve
Who is HSIP:
A property underwriting team established over 40 years ago by the National Paint and 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:
We 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
- Additional Products
Sub Limits Available
- Flood & Earthquake
Low Minimum Premium
- $5,000
- 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