Prof. Liability for Consultants

Nuts & Bolts: National Union Fire Ins. Co., an AIG member company, launched a new product designed to address the professional liability exposures of consultants in a variety of industries. “Consultants Preferred,” in-sures consultants for claims alleging negligence arising from consulting services. Coverage can be extended to cover the economic losses sustained by others as a result of the insured’s alleged negligence. The policy includes a broad definition of consulting services and offers enhanced protection against claims alleging errors and omissions. It provides coverage for legal defense and damage awards, and offers coverage for computer attacks arising from the provision of consulting services. Subject to a sub-limit of liability, the Consultants Preferred policy also permits the insured to retain a public relations firm for specific crisis events, such as bankruptcy, mass tort, management crisis, regulatory crisis or other crisis events.

Dollars: Minimum retention of $5,000; and minimum premium of $3,000 per million. Maximum limit of $25 million.

Carrier: American International Specialty Lines Ins. Co., rated “AAA / A++,”
nonadmitted.

States Available: All.

Contact: James Sheldon at james.sheldon@aig.com.