The Hanover Insurance Group (The Hanover) has announced the launch of Hanover Financial Institutions Advantage for asset managers.

As a result, the solution allows The Hanover’s agent partners to better serve small to mid-sized asset managers. Offerings include coordinated property, casualty, management and professional liability coverages.

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Specialised coverages within Hanover Financial Institutions Advantage include:

  • A financial institution bond to address employee dishonesty, forgery and fraud;
  • Directors, officers and entity liability coverage;
  • Cyber coverage to respond to a variety of attacks including data breaches;
  • Lending and trust services liability coverage to address lawsuits arising from lending activities, including class action demands and counter actions against foreclosure and repossession matters;
  • Business income and extra expense coverage to enable clients to continue operations after a loss;
  • Broadened property coverage;
  • Foreclosed property and trust coverage;
  • Mortgage errors and omissions coverage, and
  • Professional liability cover to address reputation risk and defend against accusations of a wrongful act.

Furthermore, the service offers resources, services discounts for loss prevention including an online risk management portal. An employment practices liability risk management hotline and preferred pricing on employment screens are also available.

“We recognise the importance of delivering account-focused solutions, helping our agent partners to build integrated insurance programs for their financial institution clients,” said Bryan J. Salvatore, president of specialty at The Hanover.

“The risks facing financial institutions today are ever-changing and increasingly complex. It’s more important than ever that insurance plans are coordinated across specialty and standard lines, helping provide more cohesive protection and deliver a more seamless insurance experience.”

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The Hanover is present in two dozen states in the US and will be available in additional markets in early 2020.

The Hanover recently rolled out its new separate non-admitted cyber coverage to safeguard commercial lines agents and their clients from increasing risk of cyber threats.

Dubbed Hanover Cyber Advantage Premier, the coverage offers agent partners with access to specialised and complementary products to serve their small and mid-sized businesses.