LIBERTY UNVEILS COMMERCIAL PRODUCT
Liberty Mutual Property, a subsidiary of Boston-based Liberty Mutual Group, has launched RM Custom Select Commercial Real Estate. The product is intended to complement the broad, all-risk property policy and meet the complex coverage requirements of mid-sized commercial real estate accounts.
Liberty Mutual Property says it worked closely with commercial real estate owners and managers to better understand the insurance needs of the industry.
RM Custom Select Commercial Real Estate offers enhanced protections including: tenant's improvements and betterments, canceled leases, soft costs, increased realty tax assessment and real estate broker's commission.
"In claim situations, there are often questions between landlords and tenants regarding whose insurance policy covers a loss," says Tim Rose, president of Liberty Mutual Property. "Our new product helps answer those questions and ease the claims process. Not only will we pay to move tenants out of harm's way as a result of civil authority, but we'll also cover relocation and move back expenses as a result of a covered loss."
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