Professional Indemnity Insurance
Product Decription
Professional indemnity insurance offers protection to the insured against claims from third parties resulting from the errors and omissions made by the insured while providing contracting and consulting services. At present, the legislation provides for coverage of professional risks assumed by real estate agents and lawyers as well as by companies rendering services in IT and media sectors.
Objects of Insurance
The object of insurance are property interests that do not contravene the laws of the Russian Federation and are exposed to risks associated with the insured's liability for obligations resulting from the damage caused to property, life or health of third parties (clients) during professional activities performed by the insured.
Risks
- Errors and omissions
- Defense expenses, fees and costs
In addition, the professional indemnity insurance policy can provide the following coverage
- Recovery of computer data and files
- Compensation for attending court proceedings
- Intellectual property rights
- Employees’ dishonesty
- Verbal and written defamation
Most of the clients who selected professional indemnity coverage with AIG are represented by auditors and accountants, lawyers and attorneys, multimedia and IT companies.
Main advantages of cooperation with AIG, JSC
- Professional indemnity insuring clauses that address interests and concerns of professionals in a variety of industries
- High standards in methods of claims settlement, including elements of quality control over the settlement process at different levels of corporate management
- Availability of insurance with AIG companies in other countries of the world, including an option of development of a global insurance program providing for issuance of locally tailored policies to comply with the applicable laws and regulations or to meet requirements of the insured
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