The AI Risk division of Risk Specialists Companies Inc., a member company of American International Group Inc., has introduced an Architects & Engineers Professional Liability Insurance on an admitted basis. Brokers and agents can obtain the coverage for small and mid-sized architecture and engineering firms through AI Risk ProgramConnect.
The policy provides worldwide coverage for architecture and engineering firms and firm employees in claims arising from allegations of errors, omissions or wrongful acts related to services they provide or services others render for which they are legally liable. The program includes a mediation provision that reduces the insured’s deducible by 50 percent (with a maximum deductible of $20,000) when a claim is resolved through mediation. Minimum premiums of $3,000 to $12,500 are available for certain risk classes with policy limits up to $1 million. Policy limits of up to $5 million are available.
In conjunction with Donovan Hatem LLP, AI Risk also offers risk management services including client contract reviews, risk management services, customer selection best practices, claims investigation and management services and online education training.
Certain classes of architecture and engineering firms generating up to $3 million in annual professional billings can be quoted and bound online using a streamlined application that is accessible via AI Risk ProgramConnect. After completing a streamlined application, users can easily access a summary of applicant, policy and premium information for new business and mid-term renewals. Instant-bind capabilities are available for certain lines, if the application meets pre-approved underwriting guidelines.
“Brokers, agents and design firms nationwide have expressed a desire for easier access to Architects & Engineers Professional Liability Insurance,” said David Jordan, senior vice president, AIG Programs. “AI Risk has responded by bringing this important coverage to market on an admitted form and making it available online for many risks.”
For more information on Architects & Engineers Professional Liability Insurance or other AI Risk and AI Risk ProgramConnect products, visit www.airisk.com or contact Terri Moran, vice president of marketing, AIG Programs at (415) 836-7251 or email@example.com.
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