Liberty expands specialty casualty unit

Liberty International Underwriters (LIU), a division of the leading global insurer Liberty Mutual Group, has expanded four specialty casualty insurance products.

Spearheading the developments is a directors and officers liability product, called Executive Advantage, that now offers additional limits in respect of Side A claims.

The Side A extensions include damage litigation cover for costs that mitigate or reduce the likelihood of a claim and comprehensive coverage for the creation of new subsidiaries during the policy period.

The four expanded products are:

• Executive Advantage – which offers third-party liability insurance cover for directors and officers of corporations that protects their executives around the world, regardless of where the claim originates

• Commercial Crime – which insures the company against the misappropriation of its monies or other commercial valuables

• Pension Trustees’ Liability – which covers the trustees of pension plans against claims brought for alleged violation of their fiduciary duties placing the plan’s assets at risk

• Employment Practices Liability – which offers insurance cover for the company and individuals against claims from former, present and prospective employees

Gerard van Loon, senior vice president Specialty Casualty said: “This process is about meeting demand and responding to the needs of our brokers. The policy language has been simplified and extensions have been added, and we are confident that our new product suite, especially Executive Advantage, will meet brokers’ expectations. Specific attention has been paid to improving the clarity of language and the policies’ transparency in terms of scope of coverage.”

Julian Martin, executive director of Willis Limited, said: “These developments provide for broader and more comprehensive cover, and yet they have been simplified. As such, they are an enormous asset for a broker and strengthen our relationships with policyholders.”