A division of financially strong and highly rated Liberty Mutual Group, LIU provides first-party property coverages for steam turbine power plants, geothermal power plants, waste-to-energy power plants, simple/combined cycle power plants, co-generation power plants and hydroelectric power plants. Coverages include "All Risks" property damage, machinery breakdown and business interruption.
To show the power and energy industry how serious it is about this specific book of business, LIU offers its power and energy customers some unique service approaches including a comprehensive strategy in which its team of in-house engineers are involved in every aspect of the underwriting and risk management process. For example, LIU has a dedicated global engineer for all gas turbines who stays on top of turbine-related news and product updates in order to provide clients with relevant and reliable guidance.
LIU's competitive edge comes from the reliability and service of its underwriting, engineering and claims team.
"We respond quickly, accurately and in-depth, which gets a project moving and minimizes any project interruption that may occur," says Richard Niehaus, vice president of U.S. Marine, Energy and Engineering at LIU. "Our underwriting technical staff offers years of experience, and each one has local authority to underwrite and bind business, which is a big marketplace differentiator. But even though they have local authority, each underwriter adheres to consistent, but flexible, guidelines across product lines."
"On the power and energy construction side, LIU can connect its internal departments to give clients an end-to-end solution. For example, LIU offers Project Plus--a product suite that can cover a builder's risk project with ocean marine cargo and operational risk exposures from the start of construction to fully functional operations.
"The idea is that we are standing behind the client and offering coverage today that they might need later," says Niehaus. "There are no coverage gaps; it's completely seamless. We will cover every component needed, from the sourcing of materials through the construction, and even after completion."
To do that, LIU deploys experienced, innovative teams in major insurance centers, with an appreciation of differing regional market characteristics and cultures. In particular, LIU's consistent capacity enables it to provide risk solutions that support larger, more complex risks.
Niehaus adds that LIU currently is working on a similar end-to-end product for renewable energies, such as wind, solar, plasma energy and bio-fuels.
"We expect LIU Renewable Energy Plus--a product suite which includes environmental protection, primary casualty and D&O--to be ready in early 2008," says Niehaus.
piece is part of our continuing Insights series designed to highlight key products and services to our readers. This paid-for
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January 17, 2008
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