WORCESTER, Mass., Oct. 5, 2015 /PRNewswire/ -- The Hanover
Insurance Group, Inc. (NYSE: THG) today announced the launch
of its newly updated Nonprofit Management Advantage program within
its management liability portfolio. The program provides an
enhanced product suite and specialized coverages designed
specifically for nonprofit organizations.
"Not-for-profit organizations, regardless of size, can face the
same major exposures as for-profit businesses," said Helen R. Savaiano, president of management
liability at The Hanover. "With
operating margins and finances already stretched thin, the
financial impact of a liability could be potentially devastating to
these organizations. Our enhanced management liability offering
enables agents to better serve their clients, helping to ensure
nonprofit organizations have comprehensive protection for both
their resources and their reputations."
The Hanover's Nonprofit
Management Advantage program now offers the following enhanced
coverage parts, which can be tailored to fit each nonprofit
organization's unique needs:
- Directors & Officers Liability – Enhancements
include an expanded definition of the terms "claim" and "loss," as
well as "insured vs. insured exclusion" updates.
- Employment Practices Liability – Several new
enhancements have been added, such as third party coverage
automatically included, defense expense coverage for breach of
written contracts and independent contractors treated as
employees.
- Fiduciary Liability – Several product improvements
include variable sub-limits available for compliance resolution,
502(c) and HIPPA civil penalties, an expanded definition of the
term "claim," and priority of payments language improvements.
- Cyber Security and Privacy – A flexible cyber protection
solution that includes three new first party cyber coverages and
six new third party cyber coverages.
- Crime – A crime coverage base form that now incorporates
several new coverages as well as enhanced coverages, including
premises coverage and coverage for employees on military
service.
- Kidnap, Ransom and Extortion – New insuring agreements
added, including political repatriation, hostage crisis costs and
security consulting services.
Terms and conditions have been updated for all current coverage
parts to help reduce the need to track or request a multitude of
commonly provided policy elements, making it easier for both
nonprofit organizations and independent agents. Additionally, all
coverage parts have been expanded to include coverage territories
anywhere in the world and claims reporting as soon as practicable,
but no later than 90 days after the end of the policy period.
The Hanover also offers a suite
of risk management solutions and specialized claims services,
providing nonprofit organizations a well-rounded and comprehensive
insurance program. The risk management solutions include
complimentary access to The Hanover's eRisk Hub, which offers planning and
loss prevention tools and resources for proactive cyber risk
management, access to free legal advice on employment practices
through an Employment Practices Hotline, and employee background
screening services through IntelliCorp, an industry leader in
employment screening.
The Hanover distributes all of
its products, including its management liability products,
exclusively through independent insurance agents. These local
agents have the expertise and insight to help their customers
understand complex insurance coverages and select the insurance
protection that fits their needs.
To find out more about The Hanover's management liability offering,
please contact your local Hanover
agent and visit hanover.com.
ABOUT THE HANOVER
The Hanover Insurance Group, Inc., based in Worcester, Mass., is the holding company for
several property and casualty insurance companies, which together
constitute one of the largest insurance businesses in the United States. For more than 160 years,
The Hanover has provided a wide
range of property and casualty products and services to
individuals, families, and businesses. The Hanover distributes its products through a
select group of independent agents and brokers. Together with its
agents, the company offers specialized coverages for small and
mid-sized businesses, as well as insurance protection for homes,
automobiles, and other personal items. Through its international
member company, Chaucer, The Hanover also underwrites business at Lloyd's
of London in several major
insurance and reinsurance classes, including marine, property and
energy. For more information, please visit hanover.com.
CONTACT:
Emily P.
Trevallion
Media Relations
etrevallion@hanover.com
508-855-3263
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.
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SOURCE The Hanover Insurance Group, Inc.