The Travelers Companies now offers separate fine jewelry insurance cover through its Wedding Protector Plan. The Hanover Insurance Group Inc. will join RSA Group’s Global Network as a U.S. strategic network partner. MS Amlin launched a comprehensive all-risks policy designed for the technology sector in the U.K.
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The Travelers Companies Inc. said it has started offering separate fine jewelry insurance policies through its Wedding Protector Plan, with coverage limits of up to $100,000.
With this new offering, Travelers asserts that engaged couples can safeguard their wedding from unexpected mishaps and, at the same time, protect their wedding bands and fine jewelry.
Typical homeowners insurance policies often have limits for jewelry of up to about $1,500. The average value of engagement rings purchased is approximately $6,000, according to a recent survey from The Knot. Through the Wedding Protector Plan, jewelry insurance can be purchased as a standalone policy to make up the difference and insure rings worth more than what typical homeowner limits cover. Travelers also offers homeowners insurance, with options to purchase expanded jewelry coverage by endorsement.
The Wedding Protector Plan from Travelers can cover the major events associated with a wedding, including the rehearsal, rehearsal dinner, ceremony, reception and a post-wedding event. Lost deposits, missing or damaged wedding attire, photos, flowers and more can also be covered under a policy starting at $160. Optional liability coverage is also available.
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The Hanover Insurance Group Inc. will join RSA Group’s Global Network as a U.S. strategic network partner.
By doing so, The Hanover enables further expansion of its international specialty capabilities marketed through its agent partners for domestic businesses with overseas risks. Specifically, The Hanover’s GlobalReach program will be the beneficiary, starting through its agent partners for policies beginning March 1, 2019.
Through the company’s partnership with RSA Group, one of the world’s longest-standing general insurers, The Hanover gains access to a global network of highly skilled and respected local insurers in more than 180 countries. This offers The Hanover’s agent partners admitted products and services that are compliant with local laws and legislation for foreign operations in countries where coverage must be written by local, licensed insurers.
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MS Amlin, the specialist global insurer and reinsurer, launched a comprehensive all-risks policy designed for the technology sector in the U.K.
Dubbed Technology Combined, the product provides companies with cover against a range of different perils including cyber and technology E&O, material damage, business interruption, terrorism, computer/equipment breakdown, public and products liability, theft by employee, personal accident and more.
The Technology Combined product gives clients more options and greater flexibility, MS Amlin said in a statement. As the product is modular in nature, it allows clients to pick and choose products, having as much or as little cover as they require.
Sources: The Travelers Companies Inc., The Hanover Insurance Group, MS Amlin