Allianz announces new professional indemnity Insurance product

One provider of general and specialised business liability insurance in the UK has recently announced the launch of a new PI insurance product designed to provide cover for a wide range of occupations.

Allianz is launching new commercial insurance designed to protect professionals in the engineering, architecture, accountancy, and media and technology sectors.    With a capacity of up to £15 million in cover to meet the cost of damages and defending claims, the new business insurance product is available now to the firm’s customers as an add-on to their existing policies or as a standalone policy.

Drawing upon existing Allianz Global Corporate and Specialty Group experience gained since entering the UK and international professional indemnity insurance markets two years ago, AGCS will collaborate with Allianz Commercial in the creation of a new team to underwrite all cases related to the cover.  AGCS has delivered more than €70 million in gross written premiums since its inception.

Property and casualty head for Allianz Commercial, Steve Coates, stated that the new move is one significant step towards the continued development of the company’s casualty proposition. Regional brokers will have the ability to combine the existing Allianz products into the PI covers of their clients as a result of the collaboration, he added.

Mr Coates also stated that the insurance group’s 14 branch locations should provide the ideal platform for the delivery of the new product to the market.  The property and casualty head further said that the firm has set ambitious growth targets for itself.

The key features of the new policy are, according to Allianz: inclusion of innocent non-disclosure, automatic acquisition; cover provided on a civil liability basis; and dedicated policy wordings for professionals that have traditionally required PI insurance cover and one general policy wording for all other emerging professions and business.

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