The Hanover Expands Technology Capabilities to 125 Classes

November 3, 2010

The Hanover Insurance Group, Inc. has expanded its technology capabilities, adding a suite of solutions for over 125 classes of technology businesses. The new coverages build on the company’s 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.

The company also has built a team of technology experts with years of experience in the industry. The expansion of the company’s technology capabilities is in response to the growing number of its agent partners who are building more specialized businesses.

Adding a Middle Market Program

The company has launched Hanover Technology Advantage to provide technology companies with protection against a multitude of exposures. This new capability is part of the company’s Middle Market Advantage, a growing selection of specialized coverages that protect unique risks across a range of businesses, such as schools, cultural institutions, human services agencies, food, and manufacturing.

Hanover Technology Advantage provides coverages and limits to help independent agents customize programs that meet the needs of their mid-sized clients. These solutions include:

  • Coverage for more than 125 general liability classes within the information technology, electronics manufacturing and telecom service provider industries
  • A 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
  • Protection for property, umbrella, professional liability, workers’ compensation and commercial auto
  • 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

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, Hanover Technology Professional Advantage Plus has expanded 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

The Hanover’s technology team 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 underwriters, supported by a team of technology professionals deployed throughout the country.

Source: The Hanover

Topics Insurtech

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