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Find out about the latest improvements we’ve made, new products we’re launching, training courses we’re offering, and much more… all to help you succeed.

Products

What are surety bonds?

April 9, 2024

A surety bond is an agreement entered into by three parties — the surety company, the principal and the obligee. In the agreement, the surety company guarantees the performance and/or legal or regulatory obligation by the principal to the obligee. Here are some key differences between surety bonds and traditional insurance policies:

 

Surety bonds are an agreement between three parties, while traditional insurance policies are an agreement between two parties.
Surety bonds protect the obligee, while traditional insurance policies protect the insured.
With surety bonds, there is no expectation of loss, while traditional insurance policies are calculated by pooled risk.
Surety bonds are project specific, while traditional insurance policies are usually term specific.
Surety bonds are based on a penal sum, while traditional insurance policies are based on policy limits.

Contract bonds and commercial bonds

 

Contract bonds and commercial bonds are the two main types of surety bonds. While contract bonds are typically written for construction projects, where the obligee is the project owner and the principal is the contractor, commercial bonds are written for a multitude of different industries.

 

Some common types of contract bonds are bid bonds, performance bonds, payment bonds and warranty/maintenance bonds. Some common types of commercial bonds are court bonds, license and permit bonds, public official bonds and fiduciary bonds. Check out this in-depth guide to learn more about which surety bonds are often required by various industries.

 

More information

 

Whether your needs are for contract or commercial bonds, Liberty Mutual® Surety has you covered! As the world’s largest surety, we have the strength and expertise to help contractors and businesses of all sizes access the bonds they need to thrive.

 

To learn more or get started, visit the surety bonds page.

A surety bond is an agreement entered into by three parties — the surety company, the principal and the obligee. In the agreement, the surety company guarantees the performance and/or legal or regulatory obligation by the principal to the obligee. Here are some key differences between surety bonds and traditional insurance policies:   Surety bonds…

Training/Resources

The future looks bright! Introducing Agent for the Future Advisors

March 26, 2024

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…

Appetite/Industries

We’re exiting the hotel/motel market

March 26, 2024

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.…