The Hanover Insurance Group Introduces HSIP Advantage
The Hanover Insurance Group, Inc. (NYSE: THG) has rolled out a new property product known as Hanover Specialty Industrial Property (HSIP) Advantage. This innovative insurance solution aims to modernize coverage specifically for the needs of small to mid-sized businesses that operate within industries that manufacture, blend, distribute, warehouse, or transport high-hazard products and materials.
Features and Benefits of HSIP Advantage
Effective from the beginning of October, HSIP Advantage is designed for new business and aims to cater to renewal operations from early February. The product provides flexible, modular coverage options that can be tailored to address emerging risks faced by these businesses. It stands out due to its clear language and straightforward design, simplifying the often complex nature of property insurance for businesses with unique and high-risk environments.
Designed for Modern Risks
James A. Kelley, president of HSI at The Hanover, emphasizes the objective behind HSIP Advantage: "This product was crafted to better equip our partners, making it easier for them to provide solutions for high-hazard property risks. Our 50-plus years of experience in this sector enables us to support agents and brokers with advanced tools and resources, demonstrating our commitment to enhancing our service capabilities."
Key Features of HSIP Advantage
HSIP Advantage comes with a range of robust features, including:
- Comprehensive Property Coverage: This includes protection for foundations, underground infrastructures, and personal property that supports maintenance and services associated with properties.
- Business Income and Extra Expense Coverage: Options available to cover income loss and additional costs when a business faces temporary shutdowns due to covered incidents.
- Broadened Endorsements: The product includes 12 expanded coverage options and 19 new protections, accommodating various structures and potential hazards that businesses may encounter.
- Flexible Insurance Limits and Deductibles: Clients can adjust limits and deductibles across different locations, providing increased flexibility in managing risk.
- New Valuation Options: Businesses can choose between agreed value and functional building replacement cost coverage, enhancing their asset protection strategy.
Commitment to Specialty Coverage
Bryan J. Salvatore, president of specialty at The Hanover, underlines the firm's dedication: "Our goal is to cater to the specialized coverage needs of small and mid-sized enterprises, helping them to safeguard their operations effectively. HSIP Advantage reaffirms our concentration in this market segment and reinforces our commitment to simplifying the customer experience for agents and brokers alike."
Explore More About HSIP Advantage
If you are interested in delving deeper into the offerings of HSIP Advantage, you can learn more about the product and its features through The Hanover’s official website.
About The Hanover Insurance Group
The Hanover Insurance Group, Inc. serves as the umbrella company for various property and casualty insurance enterprises, making it one of the preeminent insurance entities in the U.S. The Hanover delivers exemplary insurance solutions via a select group of independent agents and brokers, specializing in both standard and customized coverage for businesses and personal property alike.
Contact Information
For inquiries, media representatives can connect with:
Abby C. Ursoleo at aursoleo@hanover.com or call 508-855-3549.
Emily P. Trevallion at etrevallion@hanover.com or call 508-855-3263.
Frequently Asked Questions
What is HSIP Advantage?
HSIP Advantage is a specialized insurance product from The Hanover Insurance Group tailored for businesses managing high-hazard products.
Who can benefit from HSIP Advantage?
This product caters to small and mid-sized businesses involved in manufacturing, transportation, and storage of hazardous materials.
What are the main features of HSIP Advantage?
Key features include comprehensive property coverage, business income protection, broad coverages, flexible insurance limits, and new valuation options.
How can businesses learn more about HSIP Advantage?
Information can be found on The Hanover’s official website, detailing the product's specifications and benefits.
Who are the contacts for media inquiries?
Contacts include Abby C. Ursoleo at aursoleo@hanover.com and Emily P. Trevallion at etrevallion@hanover.com.
