Our appetite for financial institutions varies by state, size of risk and line of business. Please contact your local underwriter to discuss specific opportunities.
The appetite below outlines examples of the various classes we target for property, casualty, management and professional liability coverage.
Asset managers
- Financial planners
- Hedge funds
- Investment advisors
- Mutual funds
- Private equity funds
- Real estate investment trusts (REITs)
- Venture capital funds
Depository institutions
- Community banks
- Regional banks
- Thrifts
Additional classes
Building on our coordinated appetite, we are able to offer property and casualty coverage for:
- Credit unions
- Financial broker/dealers
- Insurance agents, brokers and program administrators
- Insurance companies and reinsurers
- Investment banks and other lending operations
Not in appetite
- Cannabis-related businesses
- Cryptocurrency-related businesses
- Payday lenders
With our coordinated property, casualty, management and professional liability solution, we’re able to offer broader, more cohesive protection for financial institutions. This helps reduce coverage gaps and provides a more seamless insurance experience—including a single bill.
Property and general liability
Property
- Selection of base property broadening endorsements that add or enhance more than 65 coverages
- Equipment breakdown coverage
- Foreclosed and trust property coverage
- Add the financial institutions property broadening endorsement below to a base property endorsement to further tailor industry-specific coverage.
- View financial institutions property broadening endorsement
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Financial institutions property broadening endorsement 411-1500 (available for bank clients) Coverage Limits Automated teller machines (ATMs) — described premises Included Automated teller machines (ATMs) — off premises $25,000 Business income and extra expense — cloud services $25,000 Business income and extra expense — websites $25,000 Emergency vacating expense $25,000 Temporary meeting space expenses $25,000 Tenant signs $25,000
General liability
- Suite of general liability broadening coverage that add or enhance over 13 coverages
- View CGL enhancement endorsement - financial institutions
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Financial institutions property broadening endorsement 411-1500 (available for bank clients) Coverage Limits Additional insured — controlling interest Included Aggregate limit per location Included Aircraft – non-owned, hired, chartered or loaned with paid crew Included Alienated premises Included Broad form named insured Included Extended property damage Included Incidental malpractice (employed nurses, EMT's and paramedics) Included Liability for conduct of unnamed joint ventures, partnerships or limited liability companies Included Mobile equipment redefined Included Property damage legal liability
– Broad form
– Fire, lightning, explosion, smoke and leakage from fire protective systems damage limit$1,000,000 Repossessed watercraft Included Supplementary payments — additional limits $1,000 Supplementary payments increased limits — bail bonds $5,000
Management and professional liability
- Financial institution bond
- Directors and officers and entity liability
- Employment practices liability
- Fiduciary liability
- Bankers professional liability
- Lending and trust services liability
- Investment advisor errors and omissions liability
- Mutual fund liability
- Private fund liability
Our management and professional liability coverage for depository institutions is offered on an admitted basis. Most management and professional liability coverages for asset managers are offered on a non-admitted basis through Hanover Specialty Insurance Brokers (HSIB), our in-house excess and surplus brokerage.
Additional coverage options
At The Hanover, we understand the value of comprehensive protection. Our Hanover Financial Institutions Advantage solution protects against the unique risks faced by financial institutions. Unlock The Hanover Advantage:
Risk management services
We offer valuable resources for loss prevention information and services, including an online risk management portal, an employment practices liability risk management hotline, preferred pricing on employment screening services and more.
Competitive products
Our coordinated approach streamlines the insurance buying process, reducing the number of touch points with insurance companies and helping reduce potential gaps in coverage. We offer:
- Account-focused solutions
- Industry-specific broadening endorsements
Dedicated claims team
Our claims teams have years of industry expertise and experience handling the unique types of claims financial institutions face. Our in-house claims professionals, litigators, defense counsel and extended network of law firms work closely to resolve claims quickly and equitably.
Financial services expertise
At every level—underwriting, risk management, claims and customer service—we’ve sought out an experienced team and backed them with sophisticated product and service offerings. Plus, we are able to handle surplus lines taxes and fees through HSIB without impacting commission.
Risk Solutions partnership
We provide criminal background checks online as well as employment screening services, cyber security, global security and much more.
Trusted partner
We offer the support and financial strength of an "A"-rated leading insurance carrier.
Our appetite for financial institutions varies by state, size of risk and line of business. Please contact your local underwriter to discuss specific opportunities.
The appetite below outlines examples of the various classes we target for property, casualty, management and professional liability coverage.
Asset managers
- Financial planners
- Hedge funds
- Investment advisors
- Mutual funds
- Private equity funds
- Real estate investment trusts (REITs)
- Venture capital funds
Depository institutions
- Community banks
- Regional banks
- Thrifts
Additional classes
Building on our coordinated appetite, we are able to offer property and casualty coverage for:
- Credit unions
- Financial broker/dealers
- Insurance agents, brokers and program administrators
- Insurance companies and reinsurers
- Investment banks and other lending operations
Not in appetite
- Cannabis-related businesses
- Cryptocurrency-related businesses
- Payday lenders
Industry resources
Depository institutions management and professional liability coverage guide
This brochure outlines the coverage we’ve specially designed to meet the financial liability needs of depository institutions.
Resources for you
Financial institutions applications
Marketing resources - asset managers
- Property and general liability coverage guide and coverage scenarios
- Management and professional liability coverage guide and coverage scenarios
Marketing resources - depository institutions
- Property and general liability coverage guide and coverage scenarios
- Management and professional liability coverage guide and coverage scenarios
Resources for your customers
Our Risk Solutions program includes onsite and remote assessments, on-demand learning, self-service tools and custom action plans that address the complex demands and issues facing your clients in the finance industry.
Comprehensive background checks
Check fraud prevention checklist
Mitigating employment practices liability claims - online course
See all of our Risk Solutions resources for financial institutions
Customer tools
Let's start a conversation today
Property and casualty
Aaron Kock
Vice President, Industry Solutions
312-339-7774
akock@hanover.com
Professional and executive lines
Greg Ketay
Vice President, Distribution Management
630-760-3045
gketay@hanover.com
Hanover Specialty Insurance Brokers, Inc. CA License # 0759293 NY License # EX-530458-R