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Professions like Accountants, Architects, Engineers, Lawyers and Insurance Brokers are highly regulated by local authorities and in many cases these professions are legally required to have professional liability insurance in place.
As a consequence of globalisation and heightened procurement standards, when tendering for business overseas (especially in the US, Europe, UK, and Australasia), professional service providers are often required to demonstrate that they have professional liability insurance in place as pre-requisite for contract award.
A single claim can ruin a business financially since litigation can be expensive, time-consuming and resource-consuming. AIG's Professional Liability insurance will provide protection for you when faced with such claims.
If you are a professional, your reputation is everything and maintaining this reputation is critical. In the event of a claim, our claims team will conduct the claim process efficiently and discreetly to safeguard our Insured's reputation.
AIG’s Professional Liability insurance aims to remove the financial burden for the professional service provider. This helps to minimise the fear of economic loss and provides peace of mind which enables the professional to focus on what’s important – servicing their clients.
The increasing economic interdependency and culture exchange between East and West is contributing to higher claims awareness among professionals like yourself. The rapidly escalating number and size of professional liability claims demonstrate the litigious environment in Hong Kong, China and Southeast Asia.
Single Project Professional Indemnity (SPPI) is an insurance solution arranged around the lifecycle and needs of a specific construction project. Unlike conventional annually renewable policies, it has particular advantages for project owners and for Joint Venture operators.
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We have Professional Liability insurance solutions that address the exposures faced by professionals in a variety of industries. We cover professions like:
Provides cover for:
Provides cover for any actual or alleged libel or slander committed without malice by reason of words written, spoken or broadcast in the course of providing Professional Services.
Intellectual property rights infringement
Provides cover for an unintentional infringement of any intellectual property right of any Third Party, other than patents.
Loss of documents
Provides cover for damages due to destruction or damage to, or loss, distortion, erasure or mislay of a Third Party’s Documents for which the Insured is legally responsible, provided that the destruction or damage to, or loss, distortion, erasure or mislay of such Third Party's Documents.
Dishonesty of employees
Provides cover to the Insured (who is not the actual perpetrator) for any fraud or dishonest conduct of an Employee.
Covers reasonable fees, costs and expenses incurred by or on behalf of the Insured in the investigation, defence, adjustment, settlement or appeal of any Claim.