Hanover Wholesalers Advantage – a look at the whole picture
Your wholesale business is a success because you developed a deep understanding of your customers’ needs, found ways to access products faster than your competition, learned the ins and outs of your local marketplace and, above all, exhibited flexibility and responsiveness.
The Hanover has used the exact same skills to develop our Hanover Wholesalers Advantage package of coverages. Compare our program with your current policies and you’ll appreciate the superior value The Hanover provides. Your Hanover agent is ready to explain everything about this unique program in detail.
Property coverages review
|
FEATURES |
BENEFITS |
THE HANOVER |
INDUSTRY STANDARD |
|---|---|---|---|
|
Consequential loss to stock |
Covers value lost by stock that is unmarketable due to loss to other parts sold with it |
Included |
Does not apply to wholesale operations |
|
Contract penalties |
Covers penalties in a distribution agreement resulting from covered loss |
Limits up to $100K |
Added by endorsement |
|
Deferred payment |
Covers your interest in property sold or leased but not paid for if damaged by a covered cause or loss |
Included in blanket limit of insurance |
Not covered |
|
Business income and extra expense from dependent properties |
Covers loss of income and extra expense due to damage at a supplier’s premises |
Worldwide limits up to $250K |
Worldwide |
|
Newly acquired buildings and personal property |
Protects you from loss of coverage due to accidental failure to comply with notice requirements |
Limits up to: Buildings: $2,000,000 Personal: $1,000,000 Income: $250,000 |
Buildings: $250,000 Personal: $100,000 Income: $100,000 |
|
Seasonal increase |
Protects against inadequate limits for personal property due to seasonal fluctuations in inventory |
Personal property limit is increased by 25% |
Not covered |
|
Unintentional property reporting errors |
Protects you from loss of coverage due to accidental failures to report or describe your locations |
$500,000 |
Not provided |
|
Extended business income |
Covers loss of business income during the period between the completion of repairs and the return of your income to pre-loss levels |
Selections available up to 180 days after repairs or two years after loss |
30 days |
|
Employee theft including ERISA compliance |
Covers loss of money, securities, or other property caused by an employee acting alone or with others |
Limits up to $150,000, all losses caused by one employee |
$25,000 |
|
eCommerce |
Covers damage to computer equipment, including hardware and software, caused by electronic vandalism, such as hackers, viruses, and other malware |
$100,000 |
Limited coverage |
Marine coverages
|
FEATURES |
BENEFITS |
THE HANOVER |
INDUSTRY STANDARD |
|---|---|---|---|
|
Worldwide ocean cargo |
Covers loss of income due to an interruption of computer services caused by electronic vandalism, including up to $10,000 of advertising expenses to restore your reputation |
$250,000; 24 hour waiting period applies |
Limited coverage |
|
Transportation |
Covers loss of income due to damage to property you depend on for website or network services caused by a covered cause of loss, including electronic vandalism |
Lesser of $100,000 or income lost over the first 30 days after loss |
Limited coverage |
General liability coverages
|
FEATURES |
BENEFITS |
THE HANOVER |
INDUSTRY STANDARD |
|---|---|---|---|
|
Additional insured by contract, agreement or permit |
Covers as insureds all interests you agree to cover in an insured contract |
Provided in the suite of general liability broadening coverages |
Each additional insured must be separately endorsed |
|
Damage to leased premises |
Covers damage from specified perils |
Provided in the suite of general liability broadening coverages with a $1,000,000 limit |
Must be separately purchased |
|
Product recall expense |
Covers costs including communication, shipping and lost profit |
$25,000 occurrence; $50,000 aggregate provided in the suite of general liability broadening coverages Higher limits are available |
Must be separately purchased |
Additional coverages
|
FEATURES |
BENEFITS |
THE HANOVER |
INDUSTRY STANDARD |
|---|---|---|---|
|
Data breach |
Coverage provides first-party protection for the direct costs a business faces when a data breach occurs |
Default limit is $10,000 Higher filed limits available up to $1 million |
Limited coverage |
|
Cyber liability |
Coverage offers defense and liability protection for claims that are brought against insureds by a third party |
Default limit is $50,000 Higher filed limits available up to $1 million |
Limited coverage |
Compare, then choose the better value
Compare The Hanover’s Wholesale Advantage with your current policies. Only then can you fully appreciate the superior value our program provides. Contact your local Hanover team today for complete information and an in-depth review of your unique needs.
114-1059 (6/16) LC 08-54