Insurer Continues to Expand Excess Products, Appetite and Capabilities to Provide Tailored, Flexible Solutions for Complex Risks
To help brokers better meet the excess needs of large buyers, Liberty Mutual Insurance has released a suite of enhanced excess liability endorsements: the Following Form, including Paid Partial Loss Settlement; Business Continuity; and Crisis Management.
“We’re a leading excess liability carrier and we are continuing to grow,” notes Doug Manwaring, chief underwriting officer, Excess Casualty, Liberty Mutual Commercial Insurance. “To help drive this growth, in 2016 we introduced two new excess offerings – the Utility Follow Form Excess product for power generation and utility companies, and the Integrated Occurrence Form. And we created a strong excess casualty broker advisory council, which helped develop our recent offerings.”
The latest offerings include:
- Following Form Endorsement including Paid Partial Loss Settlement (Shaving of Limits). Ensures the lead umbrella and excess coverages have a consistent set of terms and conditions, except for the limits, premium and added endorsements. The Shavings of Limits provision ensures excess coverage should the policyholders pay the underlying limits through a negotiated settlement, rather than the underlying insurer.
- Business Continuity Endorsement. Coming from the lessons of Hurricane Sandy, this endorsement automatically extends the policy 30 days if communications – either within the policyholder’s organization, or between the policyholder, broker and Liberty Mutual – are prevented due to a catastrophic event happening within 30 days of the policy’s expiration date, making it impossible to complete the renewal.
- Crisis Management Endorsement. Provides up to $250,000 to help the insured in the event of a man-made crisis. This is in addition to any crisis management expense coverage provided on layers below the excess policy.
Liberty Mutual combines deep excess expertise, exceptional service and broad appetite to help brokers meet the specific excess needs of their customers. Liberty Mutual’s excess solutions are available over underlying primary policies from the Boston-based insurer, or from other carriers rated A-V or better by A.M. Best. More information on Liberty Mutual’s excess offerings can be seen at https://business.libertymutualgroup.com/business-insurance/coverages/excess-liability-insurance-policy?extcmp=pr_excess.
About Liberty Mutual Insurance
Liberty Mutual Insurance helps people preserve and protect what they earn, build, own and cherish. Keeping this promise means we are there when our policyholders throughout the world need us most.
In business since 1912, and headquartered in Boston, Mass., today Liberty Mutual is a diversified insurer with operations in 30 countries and economies around the world. We are the fifth largest property and casualty insurer in the U.S. based on 2015 direct written premium data as reported by the National Association of Insurance Commissioners. We also rank 73rd on the Fortune 100 list of largest corporations in the U.S. based on 2015 revenue. As of December 31, 2016, Liberty Mutual has $38.3 billion in annual consolidated revenue.
Liberty employs more than 50,000 people in over 800 offices throughout the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, accident & health, commercial automobile, general liability, property, surety, workers compensation, group disability, group life, specialty lines, reinsurance, individual life and annuity products.
You can learn more about us by visiting www.libertymutualinsurance.com.
Contact:
Rich Angevine
617-574-6638
richard.angevine@libertymutual.com
