Newsbrief Archive

The future looks bright! Introducing Agent for the Future Advisors

Since 2017, Agent for the Future has been providing independent agents the resources and insights they need to grow and succeed.

 

The newly launched Agent for the Future Advisors team – bringing to the table more than 50 years of combined experience advising independent agents – can help you use those resources and insights to make your agency more efficient, adaptable and profitable.

 

Agent for the Future Advisors offer tailored guidance on vital topics, including:

 

  • The latest research on insurance trends and shifting consumer expectations
  • Digital tools and technology to help you adapt to industry changes
  • Effective sales enablement tactics and customer engagement strategies

 

To learn more and get started, visit Agent for the Future.

 

Since 2017, Agent for the Future has been providing independent agents the resources and insights they need to grow and succeed.   The newly launched Agent for the Future Advisors team – bringing to the table more than 50 years of combined experience advising independent agents – can help you use those resources and insights…

We’re exiting the hotel/motel market

Due to weather-related catastrophes, record inflation, the high cost of rebuilding and other industry-wide liability trends, Liberty Mutual has faced heavy losses and deteriorating loss ratios in the hotel/motel segment for quite some time.

Given these persistent adverse market conditions, we will be discontinuing new business for hotel and motel operations effective June 1, 2024. This change applies to all lines of business.* Note that we will also begin to non-renew existing policies later in 2024. We’ll notify you once we have a clear timeline for when these non-renewals will begin.

We understand the inconvenience these changes will create and hope the advance notice will give you and your customers enough time to explore other options for coverage.

*Builders risk policies for hotels and motels will remain within appetite.

Due to weather-related catastrophes, record inflation, the high cost of rebuilding and other industry-wide liability trends, Liberty Mutual has faced heavy losses and deteriorating loss ratios in the hotel/motel segment for quite some time. Given these persistent adverse market conditions, we will be discontinuing new business for hotel and motel operations effective June 1, 2024.…

Multiple states: Introducing credit-based insurance scores as a workers compensation underwriting variable

States affected: AZ, FL, IA, ID, NJ, NY, PA, VA, VT and WI

Late last year, we updated the model we use to assess and underwrite risk for workers compensation. Effective March 22, we added the business owner’s credit-based insurance score to our underwriting model to underwrite these risks even more accurately.

How it works

When quoting a new policy, you will be asked to provide the business owner’s name, home address, date of birth and permission to run a soft credit check, which will not affect the owner’s credit. For businesses with multiple owners, enter information for the person primarily responsible for day-to-day financials, such as the chief financial officer.

You will have the option to skip a credit check for an initial quote, but keep in mind that we will need to run a credit check before you can bind the quoted policy. Quotes generated without a credit-based insurance score may not be accurate.

Declined risks

If eCLIQ® declines a risk after you provide the business owner’s information, it will indicate if the credit-based insurance score was a contributing factor.

In these cases, you will be given the option to send your customer an Adverse Action Notice describing the reasons for the decline through the agent portal.

States affected: AZ, FL, IA, ID, NJ, NY, PA, VA, VT and WI Late last year, we updated the model we use to assess and underwrite risk for workers compensation. Effective March 22, we added the business owner’s credit-based insurance score to our underwriting model to underwrite these risks even more accurately. How it works…

MN: Take our new auto product out for a spin

Our new commercial auto product in eCLIQ® Simple™ offers enhanced pricing segmentation, flexible coverages and a much faster, easier quoting experience. What’s more, expanded eligibility allows you to quote most commercial auto risks!

You’ll have the most success writing multiline accounts with the following risk characteristics:

  • Retail, general/health/professional services, real estate, food manufacturing and carpentry industries
  • Well-established businesses (15+ years)
  • Older vehicles (15+ years)*
  • Drivers age 40+ without violations
  • Quotes with heavily populated driver lists, preferably with at least as many drivers on the policy as there are power units
  • Claims-free businesses
  • Smaller fleets with 1-4 power units

*Older vehicles typically have lower repair costs and lower annual mileage than new vehicles.

 

Learn more about auto in eCLIQ Simple by visiting the agent portal – and be sure to sign up for our instructor-led webinar taking place Jan. 27.

 

Note that, with the launch of our new auto product in eCLIQ Simple, we’ve discontinued the legacy auto product we’ve offered through the eCLIQ platform. You are currently only able to quote new commercial auto business in eCLIQ Simple. This change only applies to new business and does not affect existing policies.

 

 

Our new commercial auto product in eCLIQ® Simple™ offers enhanced pricing segmentation, flexible coverages and a much faster, easier quoting experience. What’s more, expanded eligibility allows you to quote most commercial auto risks! You’ll have the most success writing multiline accounts with the following risk characteristics: Retail, general/health/professional services, real estate, food manufacturing and carpentry…

CT: Coming soon! Cyber suite for additional lines of business

In Connecticut, our comprehensive cyber suite endorsement will soon be available for monoline general liability (GL) and business package policies with effective dates on or after June 1.

With cyber suite for monoline GL and business package policies, your clients will enjoy expanded limits of up to $5 million to provide protection for more complex business exposures.

Offered through The Hartford Steam Boiler Inspection and Insurance Company and replacing the data security endorsement, cyber suite gives your small commercial clients more robust coverage for today’s digital world.

To learn more about cyber suite for monoline GL and business package policies – including how to quote it – check out the on-demand training and visit the product page.

 

 

In Connecticut, our comprehensive cyber suite endorsement will soon be available for monoline general liability (GL) and business package policies with effective dates on or after June 1. With cyber suite for monoline GL and business package policies, your clients will enjoy expanded limits of up to $5 million to provide protection for more complex business exposures. Offered…

3 changes to our small commercial business that just make sense

We want to be your first choice for quality multiline commercial business, so we’re making key investments in our products, quoting platform, underwriting tools and appetite guidance. Here are a handful of the changes we’re making – with more to come.

 

  • We’re taking pricing and underwriting actions to make our commercial auto product more competitive for quality multiline accounts.
  • We’re updating eCLIQ to make it easier to do business with us, such as declining out-of-appetite risks earlier in the quoting process.
  • We’ve added an up-to-date snapshot of our appetite to the agent portal to give you a clear view of what we want to write today.

 

The new appetite pages on the agent portal are the best place to go to learn about our state-specific industry and class appetite and preferred policy characteristics. Get started.

 

Have a risk in mind? Look it up! All you need is the business’s state and business description or class code.

 

 

We want to be your first choice for quality multiline commercial business, so we’re making key investments in our products, quoting platform, underwriting tools and appetite guidance. Here are a handful of the changes we’re making – with more to come.   We’re taking pricing and underwriting actions to make our commercial auto product more…

Misclassified trailers will be updated at renewal

Starting Feb. 19, trailers with a load capacity greater than 2,000 pounds that are classified as “service/utility trailer” will be updated to the correct classification — “trailer” or “semi-trailer,” as applicable — effective with the policy’s renewal. Trailer classification will be confirmed using manufacturer and model information. This change may result in premium impacts.

 

Trailers with a larger load capacity represent more risk in the event of a loss and must be rated appropriately for the exposure. Inaccurate data and improperly rated policies lead to premium leakage, which drives higher rates at new business and renewal.

 

Use these definitions to help ensure a better client experience:

  • Service/utility trailer — any trailer or semi-trailer with a load capacity of 2,000 pounds or less.
  • Trailer — any trailer with a load capacity greater than 2,000 pounds, other than a semi-trailer.
  • Semi-trailer — a trailer with a fifth-wheel coupling device for use with a truck-tractor, with load capacity over 2,000 pounds. This includes bogies used to convert containers to a semi-trailer.

 

 

Starting Feb. 19, trailers with a load capacity greater than 2,000 pounds that are classified as “service/utility trailer” will be updated to the correct classification — “trailer” or “semi-trailer,” as applicable — effective with the policy’s renewal. Trailer classification will be confirmed using manufacturer and model information. This change may result in premium impacts.  …

Correcting GL policies where owner’s payroll is below the state minimum

Each state requires a minimum owner’s payroll on general liability (GL) policies. When you quote a GL policy, eCLIQ displays that state-specific minimum payroll amount.

 

A recent review revealed that a significant number of GL policies have an owner’s payroll amount below the required minimum. This month, we have started to correct these policies at renewal by increasing the owner’s payroll amount to the state minimum.

 

If you have any questions about this update, please contact your underwriter.

Each state requires a minimum owner’s payroll on general liability (GL) policies. When you quote a GL policy, eCLIQ displays that state-specific minimum payroll amount.   A recent review revealed that a significant number of GL policies have an owner’s payroll amount below the required minimum. This month, we have started to correct these policies at…

Punitive or exemplary damages exclusion

States affected: AL, OK, RI, TX, VA

 

A Punitive Or Exemplary Damages Exclusion will begin automatically attaching to new business and renewal quotes/policies according to the schedule below:

 

Texas: Starting Jan. 18 for policies with a written date on or after Feb. 1 (eCLIQ® and eCLIQ® Simple™)

 

Oklahoma, Rhode Island and Virgina:  Starting Jan. 25 for policies with a written date on or after Feb. 1 (eCLIQ)

 

Alabama:  Starting Feb. 8 for policies with a written date on or after March 1 (eCLIQ)

States affected: AL, OK, RI, TX, VA   A Punitive Or Exemplary Damages Exclusion will begin automatically attaching to new business and renewal quotes/policies according to the schedule below:   Texas: Starting Jan. 18 for policies with a written date on or after Feb. 1 (eCLIQ® and eCLIQ® Simple™)   Oklahoma, Rhode Island and Virgina: …

AK, KS: Take our new auto product out for a spin

Our new commercial auto product in eCLIQ® Simple™ offers enhanced pricing segmentation, flexible coverages and a much faster, easier quoting experience. What’s more, expanded eligibility allows you to quote most commercial auto risks!

 

You’ll have the most success writing multiline accounts with the following risk characteristics:

 

  • Retail, general/health/professional services, real estate, food manufacturing and carpentry industries
  • Well-established businesses (15+ years)
  • Older vehicles (15+ years)*
  • Drivers age 40+ without violations
  • Quotes with heavily populated driver lists, preferably with at least as many drivers on the policy as there are power units
  • Claims-free businesses
  • Smaller fleets with 1-4 power units

 

*Older vehicles typically have lower repair costs and lower annual mileage than new vehicles.

 

Learn more about auto in eCLIQ Simple by visiting the agent portal – and be sure to sign up for one of our instructor-led webinars, with available times Jan. 23 and 25.

 

Note that, with the launch of our new auto product in eCLIQ Simple, we’ve discontinued the legacy auto product we’ve offered through the eCLIQ platform. You are currently only able to quote new commercial auto business in eCLIQ Simple. This change only applies to new business and does not affect existing policies.

 

 

Our new commercial auto product in eCLIQ® Simple™ offers enhanced pricing segmentation, flexible coverages and a much faster, easier quoting experience. What’s more, expanded eligibility allows you to quote most commercial auto risks!   You’ll have the most success writing multiline accounts with the following risk characteristics:   Retail, general/health/professional services, real estate, food manufacturing…

Giving paper its walking papers

Earlier this month, we ceased printing standard forms previously included in all renewal packets. Printed renewal packets continue to include declarations pages, any new or updated forms, special forms with specific limits and any documents we’re legally required to print.

 

Note that, in the short term, excluded forms will not appear in the online versions of policy renewal packets. However, you may continue to access policy documents from prior years online and have access to our library of policy forms and manuals on the agent portal.

 

Other recent paper cuts

 

  • Agency copies of policies written in eCLIQ® and eCLIQ® Simple™ discontinued: We heard these copies head straight to your paper shredder, so we figured we’d give your shredder some much-needed rest. You can still access an online copy within a day of issuing a policy.
  • Third-party memo copies of policies written in eCLIQ and eCLIQ Simple discontinued: Same deal. Most third parties now accept a certificate of insurance, but if you ever need an extra copy of a policy for a third party, simply access it online and email it.

 

Our commitment to digital

 

Liberty Mutual’s digital capabilities strengthen relationships by helping you meet each business customer’s unique service expectations for speed, convenience and hands-on guidance. Give your customers digital access to help create an unbeatable service experience: 24/7 peace of mind that complements the work you do every day as a trusted advisor.

 

 

Earlier this month, we ceased printing standard forms previously included in all renewal packets. Printed renewal packets continue to include declarations pages, any new or updated forms, special forms with specific limits and any documents we’re legally required to print.   Note that, in the short term, excluded forms will not appear in the online…

Protect retirement dreams with ERISA bonds

Traveling the world. Buying a beach house. Retirement dreams like these can turn into nightmares when a dishonest employee is managing a pension or benefit plan. With an ERISA bond from Liberty Mutual Surety, you can help make sure your customers’ funds are protected.

 

An ERISA bond, also called a fidelity bond, protects insureds from losses incurred as a result of dishonest activity by a covered person. The Employee Retirement Income Security Act (ERISA) of 1974 requires that all fiduciaries or individuals appointed to oversee and manage employee benefit plans obtain an ERISA bond. If the fiduciary steals or embezzles from the benefit plan, the bond will cover incurred losses up to the coverage limit.

 

Interested in offering ERISA bonds? Visit us online at the Surety Agents’ Portal, or contact us at bonds@libertymutual.com.

 

Traveling the world. Buying a beach house. Retirement dreams like these can turn into nightmares when a dishonest employee is managing a pension or benefit plan. With an ERISA bond from Liberty Mutual Surety, you can help make sure your customers’ funds are protected.   An ERISA bond, also called a fidelity bond, protects insureds…