October 3, 2006
Hanover to drop Cape policies
By Jeff Lavery
Hanover Insurance Group announced that it will reduce its number of homeowner's policies on the Cape in the coming year, the Cape Cod Times reports.
The Worcester-based insurer is scaling back its coastal coverage in response to projected hurricane losses and steadily increasing rates for reinsurance. The report says that Hanover will issue notices of the changes to its 2,000 current policy holders starting in November.
Other insurers have dropped coverage in the region due to the higher risk presented by its location, while those still offering policies have increased their rates.
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