Liberty Mutual Surety Launches Product Line for Small, Mid-Size Contractors
Liberty Mutual Surety has launched a new product line dedicated to contract transactional and small- to mid-sized surety business.
Liberty Mutual Surety Plus is available through independent agents and serves contractors that need standard bond programs up to $25 million, transactional bonds up to $3 million, subdivision bonds, and bonds that need special risk underwriting, including collateral, funds administration or Small Business Administration support.
The coverage is available for small to mid-sized construction and subdivision projects in the United States.
According to Liberty Mutual Surety Senior Vice President Sam Zaza, Surety Plus fills a gap in the surety industry by offering a home office with underwriters that specialize in a broad appetite. The product also rounds Liberty Mutual’s contract bond offering.
The creation of Surety Plus comes several months after Liberty Mutual acquired AmTrust Insurance’s U.S. surety operations (Insco Dico), a company that specialized in this business.
Liberty Mutual Surety, a business unit of Liberty Mutual Insurance, has locations in more than 15 countries.