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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.

Target appetite

Hanover Financial Institutions Advantage targets the following classes for property, casualty, management and professional liability coverage:

ASSET MANAGERS

DEPOSITORY INSTITUTIONS

TARGET

  • Consultants
  • Hedge funds
  • Investment advisors
  • Mutual funds
  • Planners
  • Private equity funds
  • Real estate investment trusts (REITs)
  • Venture capital funds
  • Community banks
  • Regional banks
  • Thrifts

NOT IN APPETITE

  • Cannabis-related businesses
  • Cryptocurrency-related businesses
  • Payday vendors

Building on our coordinated appetite, the following additional classes are eligible for property and casualty coverage:

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

Product offerings

We take a coordinated approach to delivering account-focused solutions that provide the property, casualty, and management and professional liability coverage your clients need to be fully protected:

Property and casualty

Management and professional liability

  • Directors and officers and entity liability
  • Employment practices liability
  • Fiduciary liability
  • Bankers professional liability
  • Investment advisor errors and omissions liability
  • Mutual fund liability
  • Private fund liability
  • Cyber privacy and security
  • Financial institution bonds

Our management and professional liability coverages for depository institutions are 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.

The Hanover Financial Institutions Advantage

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

  • Account-focused solutions—Our coordinated approach streamlines the insurance buying process, reducing the number of touchpoints with insurance companies and helping reduce potential gaps in coverage
  • In-house broker—Ability to handle surplus lines taxes and fees through HSIB without impacting commission
  • Financial institutions 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
  • Financial strength—“A” ratings from A.M. Best, S&P and Moody’s
  • Convenient billing experience—a selection of convenient payment options and a single bill
  • Robust risk management offerings—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
  • Skilled claims professionals—our in-house claims professionals, litigators, defense counsel and extended network of law firms work closely to resolve claims quickly and equitably

Contact us

For more information, contact your local Hanover representative or:

Property and casualty

Jim Albertson
AVP, Industry Solutions
508-855-2631
jalbertson@hanover.com

Management and professional liability

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

All products are underwritten by The Hanover Insurance Company or one of its insurance company subsidiaries or affiliates. Coverage may not be available in all jurisdictions and certain coverage may be provided by an eligible surplus lines insurer and procured only by a properly-licensed surplus lines broker. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds. This material is designed to provide general information for insurance professionals only and does not constitute an offer to sell or a solicitation of insurance. Any inquiries regarding the subject matter should be directed through licensed insurance professionals. Please refer to the actual policy issued for complete details of coverage and exclusions. For more information about The Hanover visit our website at www.hanover.com.

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


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