February 22, 2007
Hanover expands policies to address rise of fraud
By Christina Davis
The Hanover Insurance Group of Worcester is expanding its insurance offerings in the wake increases in commercial fraud - which now accounts for more than $600 billion in losses each year.
Hanover said it has adopted a "new streamlined fidelity/commercial crime form with an expanded appetite" to address the increase in fraud, including everything from stolen computers to missing cash.
The insurer's fidelity/commercial crime policies include coverage for employee theft and computer theft. In addition, there are policies that cover against employee theft of client assets when those employees are working on the premises of a client.
Hanover also announced Wednesday that Chief Financial Office Edward J. Parry III is resigning to pursue other career opportunities.
Parry, whose resignation takes effect June 15, also serves as executive vice president. He will remain a board member until his term expires May 15 and will not stand for re-election.
Parry joined the company in 1992 as a merger and acquisition specialist.
Hanover said it is currently conducting a search for Parry's replacement.
Hanover said it has adopted a "new streamlined fidelity/commercial crime form with an expanded appetite" to address the increase in fraud, including everything from stolen computers to missing cash.
The insurer's fidelity/commercial crime policies include coverage for employee theft and computer theft. In addition, there are policies that cover against employee theft of client assets when those employees are working on the premises of a client.
Hanover also announced Wednesday that Chief Financial Office Edward J. Parry III is resigning to pursue other career opportunities.
Parry, whose resignation takes effect June 15, also serves as executive vice president. He will remain a board member until his term expires May 15 and will not stand for re-election.
Parry joined the company in 1992 as a merger and acquisition specialist.
Hanover said it is currently conducting a search for Parry's replacement.
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