The Hanover Insurance Group Inc. introduced a new insurance program that offers specialty coverages for wholesale distributors and manufacturers.
The new program, Wholesale Advantage, offers coverage for a broad range of companies within the wholesale industry, focusing on distributors of motor vehicle parts; office and commercial equipment; electrical and electronic goods; hardware; plumbing and HVAC; and fabrics and apparel. The program combines standard commercial coverages, such as property, general liability, auto, workers’ compensation and marine, with several new coverages of special interest to wholesalers, the company said.
Hanover says the wholesale property broadening endorsement includes expanded coverages and increasing limits for business interruption, consequential loss to stock, contract penalty, dependent properties, extended warranty, newly acquired personal property, newly acquired real property, unintentional property reporting errors, and worldwide dependent properties.
Additionally, marine protection is available from The Hanover for wholesalers that need coverage for risks, such as transportation and ocean marine.
“Wholesale Advantage responds to the growing interest in specialized, package coverages among our agent partners,” said David J. Firstenberg, commercial lines president at The Hanover.
“In the past decade, the economy has become truly global and U.S. wholesalers are increasingly dependent on foreign suppliers,” Firstenberg added. “Wholesalers have recognized the importance of having an insurance policy that protects them from incidents occurring in places far from home.”
The Wholesale Advantage program is available to Hanover agents through local underwriters. The program also offers insureds loss control and claims services.
Source: The Hanover,
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