Liberty Mutual has introduced two new commercial products to offer broader and more flexible coverage, the company has announced.
Brokers will be able to meet a broader set of umbrella and contractor’s equipment coverage needs for customers through two new policy forms, the company said.
“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,” said Michael Fallo, president of national insurance for Liberty Mutual. “The new umbrella and contractor’s equipment policy forms are the latest examples of this commitment.”
The new, simplified umbrella form offers broader coverage that requires fewer endorsements, Liberty Mutual said. The company also completely restructured the form, making it easier for brokers to read, navigate and compare coverage. New umbrella features include:
“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,” said Doug Manwaring, chief underwriting officer, excess casualty, national insurance.
Liberty Mutual’s new Premier Protector – Contractor’s Equipment form helps better protect equipment and other essential items.
“We enhanced our contractor’s equipment offering in three important ways,” said Dan Feige, vice president of inland marine for 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 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.”
