A new specialized insurance offering is the latest example of Liberty Mutual addressing the complex risks facing emerging industries
RV owners are eager to turn their idle vehicles into supplemental income, while millions of campers across the country are anxious for cost-effective ways to explore the great outdoors. However, a major roadblock to peer-to-peer RV sharing has been insurance protection for the owner, the renter and the platform connecting the two.
A partnership between Liberty Mutual, Woodruff Sawyer and Outdoorsy – the leading peer-to-peer RV sharing company – solved that challenge.
“Outdoorsy presented Liberty Mutual and Woodruff Sawyer with the challenge, and all three of us partnered to craft a solution that provides the peace of mind needed for RV owners to share their vehicles and consumers to rent through the platform,” explains Steve Brown, Sharing Economy Underwriting Manager, National Insurance, Liberty Mutual. “The resulting insurance program allows Outdoorsy to automatically provide $1 million in liability, along with comprehensive and collision protection, for each RV owner sharing their vehicle through the site and for each individual renting a RV through the platform.”
In addition to Outdoorsy, other recent examples of Liberty Mutual’s Global Risk Solutions (GRS) business unit – which provides primary, excess, specialty and reinsurance products domestically and internationally – effectively meeting the complex risk management needs of companies in emerging industries or relying on new operating models or technologies include:
- Droneinsurance.com – Liberty Mutual provides underwriting capacity to an online platform that makes it faster and easier for commercial drone owners to insure their operations and equipment
- Optimus Ride – Liberty Mutual crafted an insurance solution for Optimus Ride, a leading self-driving vehicle technology company on a mission to transform mobility by deploying autonomous vehicles in geofenced areas like Boston’s Seaport and Brookfield’s Halley Rise development in Reston, VA.
- Turo – Part of the sharing economy, Turo allows individuals to offer their vehicles for short-term rentals. Liberty Mutual provides an insurance solution that protects owners, renters and the platform
About Liberty Mutual Insurance
Liberty Mutual’s purpose is to help people embrace today and confidently pursue tomorrow. The promise we make to our customers throughout the world is to provide protection for the unexpected, delivered with care.
In business since 1912, and headquartered in Boston, Mass., today we are the fifth largest global property and casualty insurer based on 2017 gross written premium. We also rank 68th on the Fortune 100 list of largest corporations in the U.S. based on 2017 revenue. As of December 31, 2018, we had $41.6 billion in annual consolidated revenue.
We employ nearly 50,000 people in 30 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, commercial multi-peril, property, general liability, commercial automobile, surety, workers compensation, specialty lines, and reinsurance.
You can learn more about us by visiting www.libertymutualinsurance.com.