Tuesday, June 10, 2008

Liberty Mutual Property Enhances Coverage Selection

Liberty Mutual Property, part of Liberty Mutual Group, has enhanced the coverage selection of its standard policy form, giving customers greater customization and pricing flexibility options. This expanded, easy-to-read form combines insurance for property damage, business interruption and extra expense all in one policy.

Feedback from our customers was instrumental in developing these improvements, said Tim Rose, president of Liberty Mutual Property. We enhanced much-needed standard coverages, like accounts receivable, and increased the limit for fungus clean-up. These improvements, along with our unique approach to policy issuance, help ensure that our business continues to be customer-focused and driven by service.

Other standard coverage enhancements to the RM Select policy include an expanded definition for personal property of others, a capital expenditure provision, and coverage for computer virus and denial of access that now includes website disruption. Customers also benefit from the following coverage extensions:

  • Deferred Payments
  • Fine Arts
  • Installation Coverage
  • Lock and Key Replacement
  • Arson Reward

Additionally, Liberty Mutual Property expanded its optional extension coverages to make it easier for customers to manage their risk. By adding an optional extension of coverage for Course of Construction, customers can now add certain builders risk coverages to their property policy. Also, the Miscellaneous Locations optional extension provides coverage for locations that are not otherwise covered in the policy, while the Transit extension now protects the personal property of others while in transit unless the customers are acting as a common or contract carrier.

Customers will see the changes to their RM Select policies beginning Sept. 1, 2008. Policy changes are subject to final approval in a handful of pending states. For more information, visit www.libertymutualproperty.com/rmselect.

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