The Hanover Insurance Group beefed up its policy base form for small businesses with a number of new coverage and benefits. Two divisions from Japan’s Mitsui Sumitomo will team up with a third party to handle U.S.-based aviation and aerospace accounts.
The Hanover Insurance Group enhanced its businessowner’s policy base form and product offerings with a number of new features.
Among the additions: new coverages and endorsements, equipment breakdown protection and increasing limits.
The Hanover added 10 new coverages to reduce the need for multiple endorsements, and offer more comprehensive protection. As well, it increased limits for more than 30 other coverages. There are also new optional endorsements, offering coverage in areas including emergency event management and rebuilding expenses following a disaster to help agents customize their clients’ insurance program.
New coverage protections added to the base form include: damage to items in storage units or detached trailers, loss of money/securities caused by the fraudulent use of a computer or instruction directing a financial institution to debit an account, damage to pave surface, and loss or damage caused by tenants to a rented building.
Japan’s Mitsui Sumitomo Marine Management and sister company MS Amlin will team with Air Centurion to write U.S.-based aviation and aerospace accounts for Mitsui Sumitomo Insurance Company of America.
The deal compliments a portfolio written by MS Amlin in London.
Air Centurion is a Santa Barbara, Calif.-based underwriting company focused on client and brokerage relationships.
Sources: The Hanover Insurance Group, Mitsui Sumitomo