Business View Caribbean - June 2015 19
fers the following enhanced coverage parts, enabling
agents to customize coverages that are appropriate
for their clients' needs:
• Directors & Officers Liability – Enhancements in-
clude an expanded definition of the terms "claim" and
"loss," as well as "insured vs. insured exclusion" up-
dates.
• Employment Practices Liability – Highlights of sev-
eral new enhancements include third party coverage
automatically included, independent contractors in-
cluded as employees, and defense expense coverage
for breach of written contracts.
• Fiduciary Liability – Several product improvements
include variable sub-limits available for Compliance
Resolution, 502(c) and HIPPA civil penalties, an ex-
panded definition of the term claim, and priority of pay-
ments language improvements.
• Cyber Security and Privacy – A flexible cyber protec-
tion solution which includes three new first party cyber
coverages and six new third party cyber coverages as
well as complimentary access to The Hanover's eRisk
Hub, which offers planning and prevention tools and
resources for proactive risk management.
• Crime – Crime Coverage base form now includes
several new coverages as well as enhanced coverages
including Premises Coverage Insuring and coverage
for employees on military service.
• Kidnap & Ransom – New insuring agreements add-
ed, including political repatriation, hostage crisis costs
and security consulting services.
Additionally, all coverage parts now include several
important enhancements. Among these are: manage-
ment controlled entities covered as a "subsidiary," cov-
erage territories expanded to anywhere in the world,
and claims reporting as soon as practicable but no
later than 90 days after the end of the policy period.
Terms and conditions have been updated for all current
coverage parts to reduce the need to track or request
a multitude of commonly provided policy elements,
making it easier for both businesses and agents.
The Hanover distributes its management liability prod-
ucts solely through independent agents, as it believes
these local agents are critical to helping customers
understand the complex insurance coverages for their
businesses. These enhancements to the Hanover's
Private Company Advantage enable agents to help
their customers stay ahead of the changing risks with-
in management liability.
"The Hanover's products are excellent, but more im-
portantly, the company is constantly improving their
product offering as the management liability market
continues to evolve," said Linda C. Zook, carrier rela-
tions director and vice president at Parker, Smith &
Feek. "The company is always looking to innovate and
stay ahead, and that's important because The Ha-
nover's coverages and underwriting expertise provide
our clients with products to help meet their changing
needs."
