Commercial insurer launches new professional indemnity insurance

One commercial insurance provider recently announced it will soon be launching its new professional indemnity insurance solution by teaming up between itself and an affiliated subsidiay.

Business insurance specialists Allianz Commercial have teamed up with Allianz Global Corporate & Specialty after a successful pilot called Casual Centres of Excellence.  The new offering will be made available to brokers and their clients through the 14 regional branches of the company.

The offering will provide professional indemnity insurance cover for a large number of sectors in the UK.  Firms such as engineering companies, architecture houses, and accountancy firms could benefit from the new cover.  Many professionals in the media and technology sectors also stand to benefit from the new insurance offering.

The new offering is an extrapolation of existing experience the AGCS has developed since entering into the international and domestic professional indemnity insurance markets in 2009.  Since then the firm has delivered more than €70 million in gross written premiums. The new collaborative environment with Allianz Commercial will see the business insurer’s newly-instituted team underwrite all cases.

The policy includes several key features such as dedicated wordings for professionals that have traditionally professional indemnity insurance cover in addition to one general policy wording for all other emerging professions and businesses; cover provided on the basis of civil liability, which is the widest available form of cover; and a potential £15 million capacity in order to meet the costs associated with the defense of claims and the payment of damages.
Allianz Commercial’s property and casualty head Steve Coates stated that the new move is just one more step in the right direction towards the firm’s casualty proposition development.

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