Understanding hurricane deductibles

Infographic transcript

What is a hurricane deductible?

Percentage-based deductible taking effect in the event of a claim due to a hurricane

For example: insurance coverage $300K  X  hurricane deductible 2% = you pay up to $6K

Takes effect when national weather service:

• Names a hurricane
• Declares a hurricane watch
• Verifies winds of hurricane speed

Do I have a hurricane deductible?

Requirement and % vary by state and insurer

• Check your home insurance policy's declaration pages
• Talk to your insurance agent

Locations most likely to have one:

• States bordering the Atlantic
• States bordering the Gulf of Mexico

Seven steps for safe holiday shopping online

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Seven tips for safe holiday shopping online

1. Keep a clean machine. Smartphones or other devices you use for shopping should have up to date software.
2. When in doubt, throw it out. If an email looks suspicious, it's best to delete it. 
3. Get savvy about Wi-Fi hotspots. Don't share personal or financial information over a public Wi-Fi network. 
4. Make sure the site is legitimate. Web browsers should display a closed padlock or a URL beginning with https. 
5. Create strong passwords. Use a combination of lowercase and uppercase numbers, letters and symbols. Don't use the same password on multiple accounts or personal information that others can find or guess. 
6. Protect your personal information. Don't give more information than necessary. Check the website's privacy policy to understand how your information will be used. 
7. Keep a paper trail. Save records of your online transactions. Read your credit card statements and report any discrepancies immediately.  

Cyber insurance solutions for homeowners

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With The Hanover

Cyber protection begins at home

Every 39 seconds, a hacker attacks a computer

Come back from a cyber attack
Protect computers and connected devices from the expense of a cyberattack

System restoration and data recovery costs

 

1 in 5 Americans have experienced a ransomware attack

Don’t pay the price for cyber extortion

Expert counsel on responding to extortion threats
for device, system or data held hostage

 

Identity theft cases have doubled in since 2018

Real solutions for the costs of online fraud

ID theft | unauthorized use of bank/credit card or account number| check forgery | counterfeit currency

 

56% of Americans don’t know what steps to take
in the event of a data breach

Rebuild from a data breach

Loss, theft or accidental release of personally identifying information
Help line, credit report monitoring, ID restoration management

 

Nearly 1 in 6 children between 12-18
has been bullied online or by text

Stand up to cyberbullying

alternative schooling | counseling services | related legal expenses | rest and recuperation | relocation | salary recuperation |

 

Hanover home cyber protection offers:

Coverage for cyberattack, data breach, cyber extortion, online fraud and cyberbullying

Credit monitoring in the event of a claim
Supporting service provided in partnership with CyberScout
Coverage options up to $100K

Tips for safe holiday mall shopping

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4 tips for safe holiday shopping in stores

Only carry what you plan to use.
This goes for credit cards, checks and your Social Security card.

Protect your PIN.
Never write a PIN on a credit/debit card or on a slip of paper kept in your wallet.

Watch out for "shoulder surfers."
Use your free hand to shield the keypad when using checkout keypads and ATMS.

Keep your receipts.
Promptly compare receipts with account statements. Never toss receipts into public trash containers, it's best to shred them at home.

Don't let your christmas tree become a fire hazard

Infographic transcript

'Tis the season. . .to decorate safely

Live trees

• Check for fresh, green needles that can't be easily pulled or shaken out, and a sticky trunk. 
• Cut off 2 inches of the trunk.
• Water daily.
• Dispose of your tree in 2 weeks, or sooner if it gets dry.

Artifical trees

• Should be labeled as fire resistant
• 1 in 4 tree fires are started when a tree is too close to a heat source
• Place trees 3 feet away from heat sources.
• Make sure your tree isn't blocking an exit.

One-third Chrismas tree fires are due to electrical failures

Use non-flammable or flame resistant decorations

Be prepared. 

• Test your smoke alarms. 
• Have a fire extinguisher nearby.

Holiday party host checklist

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Party host checklist

Before	During
Ask your independent insurance agent about adding an umbrella policy.	Avoid food poisoning by making sure items are cooked correctly and stay at the proper temperature.
Clear walkways of items that guests may trip over.	Keep alcohol visible, so underage guests can't sneak a drink.
Make sure walkways are well lit, both inside and outside.	Use a reliable "server" who can track the size and number of drinks each guest consumes. Never ask children to serve alcohol.
Clear hanigng objects from areas where guests may hit their heads, or place something near them to make them more noticeable.	Close the bar 90 minutes before the end of the party.
Put pets in a separate area to keep guests and pets safe.	Don't let intoxicated guests drive. Arrange for an Uber or Lyft. Take them home or have them stay overnight.

 

Remember, you may be responsible for the safety of your guests, and in some cases, their actions when they leave your party. 

Craft breweries raise the bar

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Something good is brewing

In 2017, the craft brewing industry contributed $76.2 billion market and more than 500,000 jobs to the U.S. economy. 

In 2017, craft beer sales increased by 5%

Most americans live within 10 miles of a craft brewer

+6,000 craft brewing establishments in the U.S.

Product recalls: A growing concern for manufacturers

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Manufacturing product recalls by the numbers 

• More than 1,500 total product recalls issued by U.S. federal agencies in 2019 -statista.com
• One recall can impact an entire supply chain
• 6 U.S. agencies monitor and recall products
• 33 separate recalls were issued for animal and veterinary products in 2019 -U.S. Food and Drug Administration
• $32+ million in civil penalties issued by the Consumer Product Safety Commission, 2018-2019  -Consumer Product Safety Commission
• 23 recalls issued for boating in 2019 -U.S. Coast Guard Boating Safety Division
• 11.5% increase in children's products recalls from 2018 to 2019 -Chicago Sun Times
• 10 product groups commonly recalled: autos, food, construction materials, electronics, medical devices, sports equipment, children's items, clothing, furniture, appliances
• 441.3 million medical device units recalled in 2019 -statista.com
• 53+ million vehicles impacted by recalled in 2019 -National Highway Traffic Safety Administration
• 17.1 million pounds of poultry recalled in 2019 -U.S. Department of Agriculture

This article is provided for informational purposes only and does not purport to address every possible legal obligation, hazard, code violation, loss potential or exception to good practice. ©2020 The Hanover Insurance Group. All Rights Reserved.

Cargo theft trends and tips to prevent losses

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Cargo theft trends and tips to prevent losses

562 cargo theft events in the United States in 2018

74% of cargo theft is caused by truckload theft

$142,342 average loss per incident in 2018

Saturday through Monday had high rates of cargo thefts

With busy ports, these states are hotspots for cargo theft: 

1. California
2. Texas
3. Florida
4. Illinois
5. Georgia

Top ways to prevent cargo thefts:

• Screen employees and vendor partners
• Provide security training for employees
• Carefully plan routes and be sure drivers follow those routes
• Use technology to monitor and track merchandise and vehicles
• Lock up unattended cargo

Highest theft months:

• July
• November
• December

Most likely to be stolen:

• Electronics
• Home and garden products
• Food and beverages
• Building and industrial

Source: Sensitech

Is your coverage keeping pace with your commercial property value?

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Is your business properly insured?

Up about 5%

Inflation, particularly building replacement cost inflation, is still above the average rate of 2-3% annually. 

What could impact your insurance to value needs year to year?

• Renovations
• Improvements and betterments
• Long lead times (supply chain challenged)
• Machinery/equipment
• Inventory

While building replacement costs tend to make up the majority of property valuations, it is also important to factor in other kinds of value categories including equipment, machinery, improvements and betterments, which may already be included in real property values, and projected business interruption (BI) values. 

Material composite costs increases year over year

• Concrete composite +8.5%
• Paint composite +5.1%
• Interior trim composite +2.2%
• Drywall composite +1.9%

Labor costs are up by...

• Concrete mason +28%
• Carpenter (general framer) +2.6%
• Electrician +1.4%
• Plumbers +1.7%
• Drywall installer/finisher +4.1%

Labor costs are now the primary driver of current above-average building replacement costs. 

What can happen when your business is underinsured?

• Partial claim reimbursements
• Loss of customers
• Longer recovery periods
• Financing challenge

"In order to protect your business in the event of a significant loss, it is imperative to reassess and update your valuations at least annually. Over these past few years, we've seen unfortunate incidents of loss payments that did not cover the entire loss, due to inadequate limits. Work with your independent agent to ensure your valuations stay current."

Jessica Huss, Vice President, Commercial Property Underwriting

 

Source: Verisk Analytics, 360Value Quarterly, Reconstruction Cost Analysis, Q4 2024

All products are underwritten by The Hanover Insurance Company or one of its insurance company subsidiaries or affiliates (“The Hanover”). Coverage may not be available in all jurisdictions and is subject to the company underwriting guidelines and the issued policy. This material is provided for informational purposes only and does not provide any coverage. For more information about The Hanover visit our website at www.hanover.com ©2025 The Hanover Insurance Group. All Rights Reserved.