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Professional Liability

An individual approach to protecting your practice’s financial security

 

There are good reasons to consider Professional Liability insurance from AIG

Day to day protection

Each day professionals need to make decisions and some of these may be questioned, perhaps as much as years afterward. Professional Liability allows whole the practice team to do their jobs without always looking over their shoulders.

Long term peace of mind

Professional liability insurance covers claims that are actually made while the policy is in force, even if the error causing it happened years ago. So it should be kept up to date; otherwise there’s no protection against the undiscovered consequences of work done in the past.

Different specialties, different risks

We insure a broad range of professional activities and recognise that the areas of risk or grounds for complaint are often quite different between them. That’s why our policies are designed around the real needs of particular classes of professional – and from individual contractors to large firms.

Strong claims and defence

We have a proven track record of defending allegations against professionals. Our claims teams are Professional Liability specialists and understand the value of a rapid response, the sensitivity of commercial relationships and the importance of mounting the strongest possible defence.

Who is it for?

As noted, AIG offers solutions designed around professional classes and business size:

  • Architects, Engineers and Project Companies
  • Law firms
  • Brokers and insurance agents;
  • Individual professionals (lawyers, accountants, consultants)
  • Fixed covers for professionals connected with Orders / Unions / Associations or individual portfolios of mediators (Lawyers, Accountants, Notaries, consultants, ...);
  • Management or marketing consulting firms
  • Computer companies, E-commerce or Call centres
  • Temporary Employment Agencies
  • Media and Communications companies (publishing, advertising, television, radio ...);
  • Telecommunications companies
  • General services companies;

What is covered?

Cover is given for unlawful acts, real or alleged, committed in the exercise of their profession, including:

  • Negligence, errors / omissions that generate property damage, giving rise to claims for third party damage;
  • Third-party business interruption (eg interruption of services and consequent property damage to third parties.);
  • Insults, defamation and violation of privacy;
  • Infringement of intellectual property, copy-right and trademarks (excluding patents);
  • Infringement of copyright and trademarks;
  • Penalties and taxes, penalties and fines imposed on the Insured's customers;
  • Consequences arising from loss, destruction or deterioration of documents;
  • Auto insurance in the case of acquisitions (up to 5% of the gross revenue of the insured);
  • Allowance presence in legal proceedings

FAQs

Questionnaire AIG signed, dated and any available information on current insurance coverage and adequate documentation in the event of claims and claims history; copy of a contract type.

No, the AIG insurance policies provide coverage of all the activity, the opposite would select the risk.

Yes, when working for the insured party and are regularly paid fees for services rendered. Must indicate the invoiced amount in order to be assessed and covered under warranty.

Yes, but only in special cases after assumptiva assessment and reception, by the Insurance Company, a declaration of absence of claims or other registered circumstances.

No, the Professional RC intended to cover third-party claims regarding the activity of the Insured to third. Coverage for claims against the insured directly from associated or subsidiary company is excluded.

In the form of basic complaint (Claims Made), ie are covered all claims brought for the first time during the duration of coverage for the insured, for facts unknown to the effective date of the policy.

Important information you should know

Exclusions

  • Pure contractual risk (contractual penalties or sanctions, fines, penalties inflicted directly to the Insured);
  • Personal injury and damage to objects;
  • Claims and / or existing events;
  • Intentional acts of the insured;
  • Companies subsidiary / associate (claims between companies of the same group);
  • Public bodies / regulatory authorities;
  • Insolvency;
  • False or misleading advertising;
  • Patent rights;
  • Guarantees of future values and income

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