Liberty Mutual introduces two commercial products
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Liberty Mutual Holding Co. Inc. said Tuesday it was introducing a broader set of umbrella and contractor’s equipment coverage through two new policy forms.
The new, simplified umbrella form offers broader coverages requiring fewer endorsements, providing greater coverage clarity, Liberty Mutual said in a statement. The form has been restructured to make it easier for brokers to read, navigate and compare coverages.
“The new umbrella form offers many enhanced features, including clear language, an intuitive structure, worldwide coverage, tracking aggregates, shaving of limits and waiver of subrogation, to name just a few,” Doug Manwaring, chief underwriting officer for excess casualty, national insurance, said in a statement. “The new form makes it easier for brokers to build broader programs, navigate through the policy and compare and explain coverages.”
The premier protector-contractor’s equipment form is intended to help better protect equipment and other items, Liberty Mutual said.
Dan Feige, vice president for inland marine, said in the statement that coverage includes “equipment that you own, lease, borrow or rent, or that you loan to others on a blanket basis with no co-insurance.”
“It also automatically includes a host of coverages commonly requiring endorsements,” Mr. Feige said, “like loss of rental or lease income, expediting expense and transporting the property of others.”
Mr. Feige said brokers and customers can tailor deductibles and valuation to reflect equipment usage and age with replacement cost and actual cash value. 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, Mr. Feige said.
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