BOSTON, April 25, 2018 /PRNewswire/ -- Brokers can now more easily meet a broader set of Umbrella and Contractor's Equipment coverage needs for customers through two new policy forms introduced by Liberty Mutual.
"We're committed to making it easier for brokers to better meet the commercial insurance needs of their customers with tailored, sophisticated solutions that apply our deep underwriting, claims and risk engineering expertise to help better control the total cost of risk," notes Mike Fallon, president, National Insurance, Liberty Mutual. "The new umbrella and contractor's equipment policy forms are the latest examples of this commitment."
Liberty Mutual's new, simplified Umbrella form offers broader coverages requiring fewer endorsements, providing greater coverage clarity. In addition, Liberty Mutual completely restructured the form, making it easier for brokers to read, navigate and compare coverages. New umbrella features include:
Shaving of limits
"Our new umbrella form offers significant enhancements, helping our dedicated excess casualty team quickly work with brokers to customize an all-lines Liberty Mutual solution, or a stand-alone layer of added protection over another carrier's primary liability policies," explains Doug Manwaring, chief underwriting officer, Excess Casualty, National Insurance, Liberty Mutual.
"We enhanced our contractor's equipment offering in three important ways," says Dan Feige, vice president, Inland Marine, Liberty Mutual. "First, we created the industry's most inclusive coverage solutions in a simple to use form. It covers equipment that you own, lease, borrow or rent, or that you loan to others on a blanket basis with no coinsurance. It also automatically includes a host of coverages commonly requiring endorsements, like Loss of Rental or Lease Income, Expediting Expense and Transporting the Property of Others. Second, brokers and customers can tailor deductibles and valuation to reflect equipment usage and age with replacement cost and actual cash value. Third, Liberty Mutual property policyholders may now choose to combine deductibles for their Liberty property and contractor's equipment when it is involved in the same covered loss."
The new Umbrella and Contractor's Equipment products are the latest commercial product enhancements by Liberty Mutual. Last September, the dedicated construction practices of Liberty Mutual and Ironshore introduced an Integrated Primary Wrap Up/Project Specific program offering General Liability and Professional Liability protection for medium and large construction projects developed through Design-Build or Integrated Project Delivery. Last August, the company announced its Premier Property Protector™, an all-risk policy that accommodates all of a broker's single carrier and shared and layered property coverage needs with contract certainty. Last April, Liberty Mutual released a suite of enhanced excess liability endorsements.
About Liberty Mutual Insurance
Liberty Mutual's purpose is to help people embrace today and confidently pursue tomorrow. Keeping this promise means we are there when our policyholders throughout the world need us most.
In business since 1912, and headquartered in Boston, Mass., today we are a leading global insurer with operations in 30 countries and economies around the world. We are the third largest property and casualty insurer in the U.S. based on 2017 direct written premium data as reported by the National Association of Insurance Commissioners. We also rank 75th on the Fortune 100 list of largest corporations in the U.S. based on 2016 revenue. As of December 31, 2017, we had $39.4 billion in annual consolidated revenue.
We employ more than 50,000 people in over 800 offices throughout the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, commercial multi-peril, property, general liability, commercial automobile, surety, workers compensation, specialty lines, and reinsurance.