Liberty Mutual Insurance now offers equipment breakdown assumed reinsurance to insurers through treaties, programs and on a case-by-case basis, giving property/casualty insurers a new source for reinsurance of equipment breakdown.
According to Mike Martin, executive vice president and general manager, Liberty Mutual’s national insurance property operation, Liberty Mutual started offering equipment breakdown coverage to existing property clients five years ago, and soon after expanded to provide this coverage on commercial packages and monoline policies.
Its underwriting, claims, risk engineering and jurisdiction inspection resources are now available through the assumed reinsurance product.
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