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MarketScreener Homepage  >  Equities  >  Nyse  >  Hanover Insurance Group Inc    THG

HANOVER INSURANCE GROUP INC

(THG)
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Hanover Insurance : The Hanover Launches New High-Value Brand for Households with More Complex Insurance Needs

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06/25/2019 | 04:01pm EDT

WORCESTER, Mass., June 25, 2019 /PRNewswire/ -- The Hanover Insurance Group, Inc. (NYSE: THG) announced today that Hanover Prestige is now available in all of its personal lines markets for home, auto and condominiums. Hanover Prestige is a distinctive brand of market-leading personal insurance options designed for customers with complex coverage needs.

The Hanover Insurance Group, Inc. Logo.  (PRNewsFoto/The Hanover Insurance Group, Inc.) (PRNewsfoto/The Hanover Insurance Group, In)

Hanover Prestige offers powerful insurance protection, high-quality care and service, along with flexibility and choice for customers with broader asset protection needs. With coverage options that can be easily customized at an account or an individual policy level, Hanover Prestige provides unparalleled options for agencies and their customers. For example, agencies can tailor coverage to each customer's unique needs by adjusting limits that are usually locked in by most carrier policies such as limits for other structures on a property, including a shed, fence or detached garage; or limits for contents and personal possessions. There are also multiple coverage options available for auto insurance, which can be tailored specifically for each vehicle on the policy.

"Our data shows many households with home replacement cost values between $750,000 to $3 million are either underserved with inadequate coverages and services or they are paying for coverage and limits they may not need," said Daniel Halsey, president, personal lines at The Hanover. "Our Prestige brand is designed to offer high-value coverage and service for this customer segment, while providing them with the flexibility and choice to tailor coverage to their needs."

For home policies, Hanover Prestige also offers:

  • Guaranteed replacement cost with a cash settlement option, allowing customers to choose when and where to rebuild in the event of a total loss
  • Water backup and ordinance of law coverages, with limits up to the full replacement cost of the home
  • Service line coverage of $20,000 is included for damage to underground pipes that run from the street to the home
  • Loss of use coverage is provided at the actual loss sustained, with no cap on the dollar amount or time limit

For auto policies, a la carte coverage options are available through Hanover Prestige and can be customized by vehicle. Hanover Prestige Auto includes:

  • Worldwide rental car coverage and options for rental upgrade coverage with limits up to $6,000
  • Lifetime original equipment manufacturer parts, regardless of a vehicle's age
  • New car extender coverage, which provides full replacement cost for vehicles in their first three model years

These coverages are available for customers with auto limits starting at $250/500 or combined single limits of $500,000.

Hanover Prestige also offers a specialized home evaluation process, and designated claims and underwriting teams. In addition, The Hanover has relationships with several vendors through its Partners in Protection program, which offers customers access to added benefits such as discounts on home security and water leak defense systems, suggestions for local contractors, and jewelry replacement or purchase.

To learn more about Hanover Prestige, please visit hanover.com/prestige.

About The Hanover
The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. Together with its agents, The Hanover offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. For more information, please visit hanover.com.

CONTACTS:


Emily P. Trevallion

Abby M. Clark

etrevallion@hanover.com

abclark@hanover.com

508-855-3263

508-855-3549

Coverage may not be available in all jurisdictions and is subject to the company underwriting guidelines and the issued policy. This material is provided for informational purposes only and does not provide any coverage.

©2019 The Hanover Insurance Group, Inc. All Rights Reserved.

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View original content to download multimedia:http://www.prnewswire.com/news-releases/the-hanover-launches-new-high-value-brand-for-households-with-more-complex-insurance-needs-300874740.html

SOURCE The Hanover Insurance Group, Inc.


© PRNewswire 2019
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