Liberty International Underwriters, a division of Liberty Mutual Group, said that its private advantage company combo policy will now be offered in 47 US states as an admitted product.
LIU said that it had launched this product in 2008 to fill a coverage gap in industry and help protect executives from litigation stemming from the alleged improper release of carbon dioxide and other greenhouse gases.
The company’s specialty casualty division filed the private advantage company combo policy as an admitted product, following the demand from brokers serving middle market clients.
The private advantage company combo policy is an efficient policy that offers a range of private company management coverage for D&O liability, employment practices liability, fiduciary liability, pollution defense and standard ISO crime fidelity.
In addition, as a modular policy, the private company policy it gives brokers with an opportunity to choose which of the five coverage parts, that each include a definition of wrongful act, claim, and insured person, would offer efficient protection for their clients.
Trevor Howard, senior vice president of LIU’s US management liability operations, said: “We developed this product two years ago to give brokers a policy that protects their clients against the risks facing D&Os, something that wasn’t available on the market at the time.
“Now that the policy is available on an admitted basis, we hope to help more brokers protect their private company clients against that one unforeseen claim that could wipe out the company’s resources.”