To help brokers and agents better meet the full insurance needs of domestic companies with foreign exposures, Liberty Mutual's Commercial Insurance strategic business unit has expanded its foreign package policy offering by introducing a new product, and by adding a new global crisis management endorsement.
The new Global Concierge Plus? product provides up to $25 million in foreign property coverage for the foreign operations of mid-sized U.S. companies. The new product is in addition to Liberty Mutual's two other foreign insurance offerings, which are Global Concierge? and Controlled Master Programs.
The Global Concierge product provides incidental foreign coverages for domestic companies without physical operations abroad. Controlled Master Programs offer larger U.S. companies custom comprehensive property or casualty solutions tailored to their overseas operations.
In addition to the new Global Concierge Plus? product, Liberty Mutual's Commercial Insurance unit now provides a global crisis management endorsement on both Global Concierge Plus and Controlled Master Program policies.
This coverage enhancement endorsement gives policyholders up to 72 hours to identify an insured crisis event, file a claim, and receive up to $50,000 in crisis management support from Weber Shandwick, an internationally recognized public relations firm with offices in 81 countries and a long history of helping companies throughout the world navigate crises. Those policyholders wanting more crisis management protection can purchase additional limits up to $350,000.
"Each of our foreign insurance solutions offers effective coverage, the ability to place locally admitted policies in more than 150 countries, and on-the-ground claims and risk control teams," notes David. T. Perez, executive vice president, National Insurance. "The new product and coverage enhancement makes it easier for agents and brokers to meet the full range of their clients' insurance needs - both domestic and international - through a single carrier."
