Depository institutions must navigate increasing regulatory scrutiny and a broad range of operational and financial exposures – all of which elevate their overall risk profile. Our solutions are designed to help protect depository institutions from business interruptions, traditional and emerging financial threats and a wide range of claims.
Our appetite for depository 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.
In appetite
- Community banks
- Regional banks
- Thrifts
Building on our coordinated appetite, we are able to offer property and casualty coverage for:
- Credit unions
- Financial broker/dealers
- Investment banks and other lending operations
Not in appetite
- Cannabis-related businesses
- Cryptocurrency-related businesses
- Payday lenders
Additional capabilities
The following additional classes of financial institutions can find solutions through our product offerings for asset managers:
- Broker-dealers
- Consultants
- Family offices
- Hedge funds
- Investment advisers
- Mutual funds
- Financial planners
- Private equity firms
- Real estate investment trusts (REITs)
- Trust companies
- Venture capital firms
With our coordinated property, casualty, management and professional liability solution, we’re able to offer broader, more cohesive protection for depository institutions. This helps reduce coverage gaps and provides a more seamless insurance experience for you and your clients.
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
- View financial institutions property broadening endorsement
Financial institutions property broadening endorsement 411-1500 Coverage Limits Automated teller machines (ATMs) — described premises Included Automated teller machines (ATMs) — off premises $25,000 Business income and extra expense — cloud services $25,000 Business income and extra expense — websites $25,000 Emergency vacating expense $25,000 Temporary meeting space expenses $25,000 Tenant signs $25,000
General liability
- Suite of general liability broadening coverage that add or enhance over 13 coverages
- View CGL enhancement endorsement - financial institutions
Financial institutions general liability enhancement endorsement 421-5007 Coverage Limits Additional insured — controlling interest Included Aggregate limit per location Included Aircraft – non-owned, hired, chartered or loaned with paid crew Included Alienated premises Included Broad form named insured Included Extended property damage Included Incidental malpractice (employed nurses, EMT's and paramedics) Included Liability for conduct of unnamed joint ventures, partnerships or limited liability companies Included Mobile equipment redefined Included Property damage legal liability
– Broad form
– Fire, lightning, explosion, smoke and leakage from fire protective systems damage limit$1,000,000 Repossessed watercraft Included Supplementary payments — additional limits $1,000 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
Additional coverage options
We offer risk management and claims solutions to support the unique needs of depository institutions.
Risk management services
Our risk management services provide you with tools to support your customers by combining expert guidance, practical training and innovative technology.
Key features
- Experienced consultants who help identify and mitigate critical risks
- Specialized expertise in the unique property and general liability exposures faced by depository institutions
- On-site assessments and loss analysis to support actionable safety improvements
- Innovative technologies such as IoT monitoring, drone evaluations and security assessments to enhance risk prevention
- Partnerships with industry associates for risk mitigation products and services, including background checks and employment screening services, emergency response training, and water and freeze sensor prevention
- Access to a hotline for expert assistance and advice on a broad range of employment-related issues through our partnership with Jackson Lewis®, a national labor and employment law firm
Dedicated claims team
Our approach to management and professional liability claims is thoughtful, consultative and responsive, helping our policyholders reach a resolution with clarity and confidence.
Key features
- A dedicated team specialized in fidelity and crime as well as management and professional liability claims, with more than 20 years of experience on average
- Experienced in-house staff counsel for employment practices liability claims with low pre-negotiated hourly rate to maximize policyholder retentions
- A hand-selected panel of trusted attorneys who are well-versed in local laws and legal interpretations
- Strategic roundtables with adjusters, attorneys and claims leadership as needed
- Collaborative relationship between claims, underwriting and product for individual claim support, form consultation, and constant evolution and improvement
Property and general liability claims are handled by teams with years of experience handling the unique types of claims depository institutions can face.
Employment practices liability training series
For financial institutions, the integrity of staff is paramount to your client's operation and their reputation, and hiring practices reflect that concern. But preventing employment practices liability (EPL) claims and mitigating the severity of claims takes a highly educated and committed management team. To support your client’s effort, we offer a four-part training series.
The fundamentals
- The hard and soft costs of EPL claims
- Types of discrimination, the statutes that protect against different types of discrimination
- The most common types of claims
Policies and procedures, the manager’s role
- Key institutional policies and procedures
- Different forms of communications to help employees understand and describe talent management strategies
Common complaints and prevention strategies
- The most common employment practices that cause employee complaints
- How to address each of these practices legally and effectively
Addressing a complaint
- The appropriate steps to follow when a harassment or discrimination complaint is filed
- How to prevent retaliation claims stemming from the complaint process
At The Hanover, we understand the value of comprehensive protection. Hanover Financial Institutions Advantage protects against the unique risks faced by financial institutions. Unlock The Hanover advantage:
Risk management tools and services
We offer valuable resources for loss prevention information and services, including:
- Online risk management portal
- Employment practices liability risk management hotline
- Preferred pricing on employment screening services
- Panel of cybersecurity experts and more
Competitive products
Our coordinated approach streamlines the insurance buying process, reducing the number of touchpoints with insurance companies and helping reduce potential gaps in coverage. We offer:
- Account-focused solutions
- Industry-specific broadening endorsements
Specialized claims support
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.
Trusted partner
We offer the support and financial strength of an “A”-rated leading insurance carrier.
Our appetite for depository 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.
In appetite
- Community banks
- Regional banks
- Thrifts
Building on our coordinated appetite, we are able to offer property and casualty coverage for:
- Credit unions
- Financial broker/dealers
- Investment banks and other lending operations
Not in appetite
- Cannabis-related businesses
- Cryptocurrency-related businesses
- Payday lenders
Additional capabilities
The following additional classes of financial institutions can find solutions through our product offerings for asset managers:
- Broker-dealers
- Consultants
- Family offices
- Hedge funds
- Investment advisers
- Mutual funds
- Financial planners
- Private equity firms
- Real estate investment trusts (REITs)
- Trust companies
- Venture capital firms
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.
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
Let's start a conversation today
Property and casualty
Chris Rhodes
Director of Industry Solutions
317-208-5781
crhodes@hanover.com
Professional and executive lines
Barbara Ewing
Assistant Vice President, Financial Institutions
410-236-0939
bewing@hanover.com