Liberty Mutual expands its Equipment Breakdown (EB) offering with the launch of PowerPro Select(TM), an expansive monoline product for companies that prefer separate EB coverage. With the addition of PowerPro Select(TM), Liberty Mutual enables agents and brokers to offer EB coverage to clients seeking either an all-risk policy with the optional EB coverage or a monoline policy, with availability beginning with January 1st, 2011 business.
"All organizations have equipment that can suddenly break down and interrupt operations," said Mark Butler, president of Liberty Mutual Commercial Markets distribution and service management. "While some of these organizations purchase all-risk policies with EB coverage embedded, many others want EB policies that are separate from the rest of their commercial insurance. Our agent and broker partners looked to us to develop a stand-alone EB coverage that was not only easy to understand but supported by quality technical service. We made sure that's what we delivered in this offering."
Liberty Mutual's EB team helps agents and brokers safeguard their customers' core equipment exposures with physical damage, loss of income, spoilage, and utility interruption insurance for:
• Refrigeration and Air Conditioning Equipment
• Pressure Vessels
• Mechanical and Electrical Equipment
• Production Machinery
• Computers and Telecommunications Systems
Both Liberty Mutual policies -- the all-risk with optional EB coverage and PowerPro Select™ -- help agents and brokers protect their customers' operations by offering Equipment Breakdown coverage along with access to in-house engineering and claims service. Additionally, Liberty Mutual utilizes a nationwide jurisdictional system to identify, schedule and issue jurisdictional certificates mandated by most states and municipalities.
"By leveraging the expertise of specialists like our equipment breakdown engineers, our underwriters can respond quickly to a wide range of submissions from agents and brokers," said Paul Rodliff, executive vice president and chief underwriting officer for Liberty Mutual Commercial Markets.
Agents and brokers interested in Liberty Mutual's new PowerPro Select™ -- can contact their local territory manager or the Liberty Mutual EB team at firstname.lastname@example.org.
About Liberty Mutual Group
"Helping people live safer, more secure lives" since 1912, Boston-based Liberty Mutual Group is a diversified global insurer and fifth largest property and casualty insurer in the U.S. based on 2009 direct written premium. The Company also ranks 71st on the Fortune 500 list of largest corporations in the U.S. based on 2009 revenue. As of December 31, 2009, Liberty Mutual Group had $109.5 billion in consolidated assets, $95.0 billion in consolidated liabilities, and $31.1 billion in annual consolidated revenue.