The
Hanover Insurance Group this week announced the launch of a new coverage program within its management liability portfolio.
The Fidelity & Crime Advantage program is designed to businesses against fraud, particularly through the use of technology. The coverage boasts new enhancements including:
- A premises coverage insurance agreement combining theft and robbery/safe burglary inside the insureds’ premises
- Coverage for employees while on military services
- Notice/proof of loss up to 180 days after discovery
- A prior dishonesty threshold of $25,000
- Benefit plan limits adjusted to ERISA requirements to protect employee benefit plan assets from acts of fraud or dishonesty by individuals managing the plans
In addition, The Hanover has expanded its proprietary crime policy form to include new coverages such as client’s property, personal accounts, computer and ID fraud and claim and data restoration investigative expenses. Policy terms and conditions have also been improved to make it more user friendly for both businesses and independent agents appointed with The Hanover.
Executives with The Hanover said the new program will better protect businesses while giving independent agents a greater competitive advantage.
“Businesses today are increasingly susceptible to fraud in this high tech environment, and in particular to fraud committed by corrupt employees or employees who are manipulated by others,” said Jeffrey L. Gordon, vice president of fidelity and crime with the insurer.
“Our new, comprehensive solution for fidelity and crime insurance helps our independent agents protect their business clients from financial losses due to fraud involving their employees and others.”
Fidelity & Crime Advantage can be offered as a monoline policy or as part of the management liability package, the company said. Agents can work with clients and the carrier to build customized insurance programs to best serve the clients’ needs.
