Enhanced coverages, the need for fewer endorsements, and language that is easier to understand are some of the key ingredients of the new umbrella liability policy now available through Liberty Mutual’s Commercial Markets strategic business unit.
“Agents and brokers played a key role in developing the new policy,” notes Paul Rodliff, Commercial Markets chief underwriting officer. “We asked them how we could make it easier for them to better meet the umbrella needs of clients requiring up to $25 million of coverage. We listened when they said they needed a flexible policy to avoid coverage gaps, and one that was easy to explain.”
In addition to updated language, Liberty Mutual’s new umbrella policy features:
- Key coverages – such as automobile, liquor, employers’ liability and aircraft & watercraft – that automatically follow the primary policy
- A streamlined policy form that results in more responsive underwriting
“The new umbrella policy and the recent launch of Commercial Markets’ distribution and service organization underscore our commitment to agents and brokers,” explains Mark Butler, president of Commercial Markets distribution and service management. “In both cases, we sought their input in order to make it easy for them to meet the needs of their clients. The reorganization gave agents and brokers a single point of contact for covering national accounts and mid-sized clients, while the new umbrella policy offers enhanced coverages, the need for fewer endorsements and updated language.”
Source: Liberty Mutual