BOSTON, April 6, 2017 /PRNewswire/ -- Liberty Mutual's new Loss of Energy Investment Tax Credit coverage protects owners, developers and investors from financial loss stemming from damage to energy property, such as solar panels mounted to the roof of a commercial building.
"The new product responds to the need of California companies who have taken advantage of federal and state Investment Tax Credit programs to install solar equipment," notes Randi Glazer, inland marine underwriting consultant, Liberty Mutual. "Should the solar equipment become damaged and taken offline, a company may lose an important revenue stream. It may also face fines and the need to repay some portion of the dollar-for-dollar tax credit received by installing the equipment."
Liberty Mutual's Loss of Energy Investment Tax Credit coverage provides replacement cost coverage for direct physical loss or damage to energy property. It also will reimburse policyholders for resulting loss of energy investment tax credits, indemnifying policyholders for fines and penalties that may be assessed by the federal and state tax authorities related to the recapture of investment tax credits.
Liberty Mutual Insurance helps people preserve and protect what they earn, build, own and cherish. 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 Liberty Mutual is a diversified insurer with operations in 30 countries and economies around the world. We are the fifth largest property and casualty insurer in the U.S. based on 2015 direct written premium data as reported by the National Association of Insurance Commissioners. We also rank 73rd on the Fortune 100 list of largest corporations in the U.S. based on 2015 revenue. As of December 31, 2016, Liberty Mutual had $38.3 billion in annual consolidated revenue.
Liberty employs 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, accident & health, commercial automobile, general liability, property, surety, workers compensation, group disability, group life, specialty lines, reinsurance, individual life and annuity products.