Allied World Asia-Pacific launches primary professional indemnity coverage
Allied World’s Asia-Pacific platform has launched Allied World Agility Primary Professional Indemnity, a new product developed exclusively for the Asia-Pacific marketplace.
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.
“Since commencing operations in Asia we have been committed to product innovation,” said Ed Moresco, senior vice president, Bermuda & International product line manager, Professional Liability. “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 recognise 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.”