Posted on 04 Nov 2010
The Hanover Insurance Group, Inc., a leading provider of property and casualty insurance, announced today that it has significantly expanded its technology capabilities, adding a powerful suite of solutions for over 125 classes of technology businesses. The innovative new coverages build on the company’s successful small commercial technology insurance offering, and include a customized commercial package policy for mid-sized companies and two stand-alone errors and omissions policy options.
To further strengthen its technology practice, the company also has built a strong team of technology experts with years of experience in the industry. The expansion of the company’s technology capabilities directly responds to the growing number of its agent partners who are building more specialized businesses.
“The technology sector continues to expand rapidly, creating more opportunities than ever for our agent partners,” said Jack Roche, president, business insurance. “With the extension of our middle market technology solution, we now have a market leading capability that is backed by a total solution for commercial lines. The new capability also is supported by a highly-experienced, locally deployed team that offers the specialized risk management and responsive service that our agent partners value.”
Adding a Middle Market Program
The company has launched Hanover Technology Advantage to provide technology companies with broad protection against a multitude of exposures.
This new capability is part of the company’s Middle Market Advantage, a broad and growing selection of specialized coverages that protect unique risks across a wide range of businesses, such as schools, cultural institutions, human services agencies, food, and manufacturing. The Middle Market Advantage demonstrates the company’s continued commitment to offering a total solution for commercial lines—which includes among other things management liability (directors and officers, employment practices liability, etc.), marine and fidelity and surety capabilities—and makes it easier than ever for independent agents to place mid-sized customers with The Hanover.
Hanover Technology Advantage provides comprehensive coverages, each with a vast array of options and limits to help independent agents customize programs that meet the needs of their mid-sized clients. These customizable solutions include:
• Coverage for more than 125 general liability classes within the information technology, electronics manufacturing and telecom service provider industries
• A distinctive general liability product that does not include an automatic professional services exclusion, and that can be customized to provide protection for product recall expenses, and Web site and Internet risks
• Broad protection for property, umbrella, professional liability, workers’ compensation and commercial auto
• Innovative property endorsements with more than 40 coverage enhancements, including international business interruption coverage for technology firms that outsource overseas; and coverage for property in transit. Optional endorsements include electronic vandalism, green building and data breach coverage.
Complemented by Errors and Omissions Coverage
To ensure that its agent partners have access to the one-stop solution that they need, The Hanover also is launching two stand-alone errors and omissions products. These endorsements are designed to offer professional liability protection at an affordable price. Highlights of the Hanover Technology Professional Advantage form include:
• A broad definition of “anomaly” (wrongful act) which includes breach of warranty or representation, negligent act or omission, and failure to perform the function or serve the purpose intended
• Worldwide policy territory
• Low minimum premiums, starting at $1,000
• Retentions starting at $2,500
• Limits up to $5 million
In addition, our Hanover Technology Professional Advantage Plus form expands the definition of “anomaly” to include:
• Security protection, including failure to prevent the introduction of malicious code, failure to prevent access, and repudiation of access
• Personal injury protection
• Coverage for certain types of intellectual property infringement, including copyright for content and software code
“We are very pleased to introduce this comprehensive coverage for the technology industry,” said Marita Zuraitis, president of The Hanover’s property and casualty companies. “By adding these sophisticated capabilities and limiting our distribution to a select group of agent partners, we are helping our partner agents build distinct competitive advantages and ultimately more franchise value.”
Assembling One of The Best Teams in the Industry
To support the technology market, The Hanover has assembled a highly experienced team. The practice is being led by Toby Levy, an industry veteran with nearly 25 years experience. Prior to joining The Hanover, Levy was instrumental in the formation of The Hartford’s technology practice, including leading product development.
The company’s technology capability will be delivered through local, experienced underwriters, supported by a team of technology professionals deployed throughout the country—each with a decade or more of experience in the technology sector. This distinctive operating model was designed to offer The Hanover’s agent partners a high level of local responsiveness, combined with the reach and expertise of the best national companies.
“Our technology practice was developed specifically for our independent agent partners,” said Roche. “By enabling our agent partners to work with their local underwriters, who are supported by extensive technology experience and expertise, we are ensuring that placing business with The Hanover means ease of doing business, the highest quality products, and responsive service.”
Agents interested in more detail should contact one of The Hanover’s local branch offices or visit the Agent section of the company’s web site at www.hanover.com.