The Hanover now offers expanded coverage options for a wide range of eldercare facilities, including those for skilled nursing, assisted living and continuing care.
PRODUCT: Hanover Eldercare Advantage
COMPANY: The Hanover Insurance Group Inc.
BEST RATING: A (Excellent)
AVAILABILITY: Coverage is available through appointed retail agents and brokers.
FOCUS: The eldercare industry contends with unique and complex challenges, and it is diversifying away from standalone facilities. The Hanover Eldercare Advantage program offers expanded coverage options for a wide range of eldercare facilities, including those for skilled nursing, assisted living and continuing care.
“We believe that an exceptional insurance company should help clients prevent a loss in the first place,” says Matthew S. Mitchell, president of health care at The Hanover. “As a result, The Hanover offers a comprehensive risk management program designed to help clients learn how to minimize risk.”
The program offers an interactive risk management portal which features industry and legislation news; an interactive self-use tool to assess operational performance and make recommendations; and hundreds of risk management articles on a wide range of eldercare-specific topics.
“We also hold dedicated product and claims training symposiums to provide details on the latest macro industry trends and subsequent insurance implications,” Mitchell says. “This helps agents to better educate their clients.”
UNDERWRITING: Core coverages include commercial general liability (claims made and occurrence); professional liability (claims made and occurrence); sexual abuse and employee benefits; commercial excess liability with limits up to $10 million and an endorsement option; commercial property; and commercial automobile.
Specialized coverages include administrative defense coverage, which provides reimbursement expenses for legal fees; reimbursement for public relations expenses associated with or stemming from criminal investigations, complaints or indictments; reimbursement for the reasonable expenses associated with the emergency evacuation of residents; innocent party, which covers defense expenses for individuals insured under a liability policy who are accused of participating in a physical or sexual abuse incident; religious counseling professional liability, which expands coverage to include religious counseling services; data breach coverage for the costs of responding to a data breach; emergency management expense protection for businesses that are adversely impacted by a violent event or outbreak of an illness; and an eldercare liability broadening endorsement or eldercare property broadening endorsement which adds extra coverages.
MINIMUM PREMIUM: $5,000.
TARGET: Small to midsize facilities with up to 2,000 total licensed beds. “Our typical client is a facility with between one and 10 locations,” Mitchell says. “Our ideal client is one with an experienced owner/operator who is active in their facility and has ties to the local community. We proactively target clients who find value in partnering with carriers that deliver strong clinical risk management capabilities, in addition to strong product capabilities.”
COVERAGE TERRITORY: All states except AL, AR, AZ, CA, IL, NJ, WV, FL, MS, OK, LA, MO and TN.
CONTACT: Jim Ramsdell, assistant vice president; Eldercare, 440 Lincoln Street, Worcester, MA 01653; 508-855-2569.
Ronimarie Acord is an IA contributor.
