Liberty Mutual Property, part of the Liberty Mutual Group, introduced a new commercial real estate product, RM Custom Select Commercial Real Estate. This new product features coverage enhancements designed to complement the broad, all-risk property policy and meet the coverage requirements of mid-sized commercial real estate accounts.
Liberty Mutual Property worked closely with commercial real estate owners and managers to better understand the insurance needs of the industry. RM Custom Select Commercial Real Estate offers enhanced protection for:
* Tenant’s improvements and betterments
* Canceled lease
* Soft costs and delay in opening
* Tenant emergency evacuation, relocation and move back expenses
* Increased realty tax assessment
* Real estate broker’s commission
Coverages already offered in RM Select include:
* Newly acquired property
* Extended period of restoration
* Demolition costs, increased cost in construction, operation of building laws
* Access to premises
* Locks and keys
“In claim situations, there are often questions between landlords and tenants regarding whose insurance policy covers a loss,” said Tim Rose, president of Liberty Mutual Property. “Our new product helps answer those questions and ease the claims process. These expanded coverages also help landlords act responsibly and promote goodwill with their tenants. Not only will we pay to move tenants out of harm’s way as a result of civil authority, but we’ll also cover relocation and move back expenses as a result of a covered loss.”
The service component of RM Custom Select Commercial Real Estate includes a pre-loss claims consultation to review policy language and explain how the policy would respond in certain loss scenarios. It also provides access to real estate-specific risk management guides and case studies authored by Liberty Mutual Property’s loss prevention consultants and claims adjusters. The materials outline key exposures in the commercial real estate industry and how they may be prevented or mitigated.
Liberty Mutual Property provides commercial property insurance programs, through brokers and its direct sales force, which include consultative loss prevention and claims services for companies large and small, with special emphasis on mid-sized companies.
Source: Liberty Mutual Group, www.libertymutual.com
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