The AIG Cos. introduced a service called AIG Passport for multinational companies’ errors and omissions (E&O) liability insurance to facilitate purchasing locally admitted E&O coverage to cover their international operations and subsidiaries.
AIG Passport provides an efficient service platform to address clients’ need for admitted insurance policies in countries in which they have business operations. AIG Passport for E&O is available for new and renewal business, and will initially be available in 18 of the most in-demand countries. It enables multinationals to purchase professional liability coverage tailored for specific industries, including: technology, real estate, travel agents, staffing/recruitment agencies and claims adjusting.
AIG Passport policies are issued by locally licensed AIG Cos. that are compliant with local laws and regulations. Claims will be handled by local AIG claims examiners supported by a home country management team.
“Multinationals are looking for a streamlined way to purchase locally admitted liability coverage for their operations around the globe,” said Lisa Butera, president, Professional Liability Division, AIG Executive Liability. “AIG Passport can meet this demand by helping corporations obtain E&O policies that adhere to local customs, laws and regulatory guidelines.”
AIG Passport for E&O is the third product to include the AIG Passport service. In September 2006, AIG Passport for directors and officers (D&O) was introduced to facilitate the purchase of locally admitted D&O liability insurance. This May, AIG Passport for excess casualty was introduced to facilitate the purchase of locally admitted excess casualty coverage.
“With the ever increasing level of litigation against professionals globally, this service ensures our customers receive the best protection regardless of where they operate,” said Colin Buchanan, professional indemnity manager, AIG Foreign General Insurance.
Source: AIG, www.aigpassport.com
Was this article valuable?
Here are more articles you may enjoy.