Liberty Mutual Surety has introduced Liberty SuretyFirst as its new operating unit exclusively serving independent agents whose customers have small to mid-sized bonding capacity needs.
Liberty SuretyFirst provides the regional surety services with the capacity and national resources of Liberty Mutual Surety. It combines the small contract, commercial and fidelity bond underwriting, field services and technology of Liberty Mutual Surety and the formerly acquired Safeco and Ohio Casualty Group surety operations.
Senior vice president Lloyd Geary will lead Liberty SuretyFirst. Previously Geary oversaw the Liberty Agency Underwriters bond division.
Liberty SuretyFirst’s product segments include:
- Contract: general contractors, heavy contractors, and sub-trades with work programs of up to $15-$25 million;
- Commercial: probate and public official up to $50 million, court, license & permit, program business, and miscellaneous bonds for businesses and individuals, on both an account or transactional basis, with aggregate capacity up to $10 million;
- Fidelity: Up to $500,000 single bond capacity for fidelity, ERISA, and business service bonds.
Liberty SuretyFirst agents will have access to Surety Online and BEST (Bond Execution System Technology) to reduce transactional costs related to issuing bonds. With a unique ID sign-on to BEST, agents can issue and report bonds within their authority automatically to their local Liberty SuretyFirst Bond Service Center. BEST automatically issues a bond number and an agent’s bond-specific power-of-attorney.
Surety Online is a quote and issue rules-based underwriting platform for small commercial obligations under $100,000 including: license and permit; notary; public official; ERISA; and business services bonds. Surety Online has an automated bond-specific power of attorney, allows for bonds to be e-mailed to the client, and offers direct and credit card billing. Agents can also complete renewal payments, name changes, and cancellations for more than 3,000 bond classifications.
Source: Liberty Mutual Surety
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