Allied World Assurance Company Holdings, AG announced that its Asia-Pacific platform has launched “Allied World AgilitySM Primary Professional Indemnity, a new product developed exclusively for the Asia-Pacific marketplace.”
The bulletin said the “new primary product provides comprehensive protection for professionals, incorporating an added function that allows insureds to aggregate losses when they have a significant number of small claims within a policy period.”
Ed Moresco, Senior Vice President, Bermuda & International Product Line Manager, Professional Liability, commented: “Since commencing operations in Asia we have been committed to product innovation. The new professional liability product delivers substantive structural policy enhancements that will benefit our partners and clients. We believe the new product will provide customers with comprehensive primary professional indemnity coverage for commercial risks.”
Ben Howell, Vice President, Head of Professional Lines, Asia-Pacific, added: “Existing market professional liability policies are effective in responding to claims above a deductible threshold. However, they fail to recognize that commercial businesses may be equally impacted when smaller attritional losses reach an exceptional or abnormal level in a given year. This new product provides protection against larger claims and also responds to significant losses from multiple smaller claims.”
Source: Allied World Assurance Company Holdings, AG
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