Liberty Mutual Launches New Umbrella, Contractor’s Equipment Policies

Liberty Mutual has introduced two new policy forms – umbrella and contractor’s equipment – designed to make it easier for brokers to meet a broader set of coverage needs for their customers.

Liberty Mutual’s new, simplified umbrella form offers broader coverages requiring fewer endorsements. 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

According to Doug Manwaring, Liberty Mutual chief underwriting officer, Excess Casualty, National Insurance the new umbrella form offers significant enhancements including allowing brokers to customize an all-lines Liberty Mutual product, or a stand-alone layer of added protection over another carrier’s primary liability policies.

The new Premier Protector – Contractor’s Equipment form helps better protect equipment and other essential items for businesses.

Dan Feige, vice president, Inland Marine, Liberty Mutual said the contractor’s equipment offering was enhanced in three ways:

• inclusive coverage in a simple form that covers equipment that owned, leased, borrowed or rented, or that can be loaned to others on a blanket basis with no coinsurance. The product also automatically includes a host of coverages commonly requiring endorsements, like loss of rental or lease income, expediting expenseand transporting the property of others.
• 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.

Liberty Mutual offers a range of insurance products and services, including personal automobile, homeowners, commercial multi-peril, property, general liability, commercial automobile, surety, workers compensation, specialty lines, and reinsurance.

Topics Contractors