|AI RISK INTRODUCES ARCHITECTS & ENGINEERS PROFESSIONAL LIABILITY INSURANCE ON AN ADMITTED FORM; ONLINE QUOTING AND BINDING AVAILABLE FOR SMALL & MID-SIZED ACCOUNTS|
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NEW YORK--Oct. 26, 2005--The AI Risk(SM) division of Risk Specialists Companies Inc., a member company of American International Group, Inc. (AIG), today announced that it is offering 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(R) (www.airisk.com), AI Risk's online specialty lines quote and bind system.
AI Risk's Architects & Engineers Professional Liability Insurance 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% (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 state of the art risk management services including client contract reviews, risk management services, customer selection best practices, claims investigation and management services and online education training.
"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."
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.
Launched in 2003, ProgramConnect provides brokers and agents with instant premium indications for numerous specialty lines when specified limits and coverages are requested.* 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.
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.
American International Group, Inc. (AIG), world leaders in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed in the U.S. on the New York Stock Exchange and ArcaEx, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
* Insurance is underwritten by member companies of American International Group, Inc., and is subject to underwriting review and approval. The description herein is a summary only. It does not include all terms, conditions and exclusions of the policies described. Please refer to the actual policies for complete details of coverage and exclusions. Coverage may not be available in all states. Non-insurance products may be provided through independent third parties.