ÌìÃÀÍøÕ¾´«Ã½´«Ã½

The ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Cos. introduced a service called ÌìÃÀÍøÕ¾´«Ã½´«Ã½ 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.

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Passport provides an efficient service platform to address clients’ need for admitted insurance policies in countries in which they have business operations. ÌìÃÀÍøÕ¾´«Ã½´«Ã½ 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.

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Passport policies are issued by locally licensed ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Cos. that are compliant with local laws and regulations. Claims will be handled by local ÌìÃÀÍøÕ¾´«Ã½´«Ã½ 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, ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Executive Liability. “ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Passport can meet this demand by helping corporations obtain E&O policies that adhere to local customs, laws and regulatory guidelines.”

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Passport for E&O is the third product to include the ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Passport service. In September 2006, ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Passport for directors and officers (D&O) was introduced to facilitate the purchase of locally admitted D&O liability insurance. This May, ÌìÃÀÍøÕ¾´«Ã½´«Ã½ 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, ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Foreign General Insurance.

Source: ÌìÃÀÍøÕ¾´«Ã½´«Ã½, www.aigpassport.com

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