Our weekly column of news item from in and around the Massachusetts insurance industry that we just couldn’t leave out….
Liberty Mutual Property Unit Increases Per Risk Capacity
Boston-based Liberty Mutual announced this week that it has increased its per risk capacity for its National Insurance Property unit from $600 to $800 million dollars. Liberty says the move was made to help property owners, as well as those brokers that support them, to be better able to manage their mid-size and large risks.
“This enhancement follows three new property forms introduced over the last 18 months,” notes Gregg Cunningham, general manager, National Insurance Property. “We’re committed to winning in the mid-size and large property markets by offering the capacity, competitive pricing, broad appetite and industry-leading claims and risk engineering needed to better manage the total cost of property risk.”
According to the company release, the National Insurance Property unit offers property as part of a single-carrier, shared and layered, or an all-lines solution; monoline equipment breakdown and inland marine.
New Principal Place of Business Certification Form Available At CAR
In a July 10, 2018 Executive Update on the CAR website as well as in Bulletin No. 1055, CAR announced that a New Principal Place of Business Certification Form is now available on the CAR website.
The new form, which was placed on filed by the Division of Insurance as of June 28, 2018, will be required for all risks as of August 1, 2018.
The Certification Form will be used in accordance with established Servicing Carrier and Exclusive Representative Producer (ERP) standard procedures to validate an applicant’s principal place of business and to provide further verification of a risk’s eligibility for placement in the commercial residual market. The Certification Form is available on CAR’s website by clicking on the Manuals tab and then the Commercial Automobile link.
Further information regarding both the Servicing Carrier and ERP standards with respect to the use of the Principal Place of Business Certification Form, should refer to CAR Bulletin No. 1055.
Agents Out In Force For The YAC’s 7th Annual Invitational Golf Tournament
It was another successful year for the MAIA’s Young Agents Committee Annual Golf Tournament. The event, held at the Pinehills Golf Club in Plymouth, was another sell-out with the invitationals raising over $8,000 for causes such as the Phillip J. Farrell Memorial Scholarship Fund, Make-a-Wish MA/RI and other committee initiatives.
View the full article on the event in the latest issue of the MAIA’s Massachusetts Agent here. Photos from this year’s tournament, can be seen on the MAIA/YAC Facebook page here.
