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:
- Worldwide coverage
- Tracking aggregates
- 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.
The new Premier Protector - Contractor's EquipmentTM form helps better protect equipment and other essential items that are key to any business consistently delivering quality results.
"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 ProtectorTM, 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.