The Hanover Insurance Group Inc., regional property and casualty company, has formed Real Estate Advantage, a new insurance program that offers cost-effective and comprehensive specialty coverages to meet the unique needs of commercial real estate owners and managers, the company says.
The Real Estate Advantage is delivered to The Hanover's agent partners through local underwriters with a deep understanding of the real estate industry. The program is complemented by dedicated loss control and claims professionals who also are available locally to provide industry-specific guidance for independent agents and their commercial real estate clients.
‘Real estate owners and their investors place significant resources into their properties, and consequently, are always searching for new ways to protect those assets,’ said David J. Firstenberg, commercial lines president at The Hanover.
Developed to help The Hanover's independent agents capture a larger portion of the lucrative real estate market, Real Estate Advantage meets the specialized needs of commercial real estate businesses by offering a broad range of coverages, including insurance protection for commercial property, general liability, commercial crime, commercial auto, commercial umbrella and workers' compensation. Property owners also may broaden their coverage and increase limits beyond the basic package through a broad range of endorsements and optional coverages that address specific industry risks.
The program's endorsements – that normally would have to be purchased separately by a property owner – include coverage for: alternative key systems, anchor store business income, denial of access, lease cancellation, lost keys, movement of property, outdoor property, paved areas, realty taxes, tenant move back expense and unintentional property reporting errors. The Hanover also offers a contingent property endorsement for properties under triple net leases as well as several other real-estate specific general liability endorsements.
SOURCE: The Hanover Insurance Group
