Professionals Liability Exposures

Nuts & Bolts: A new insurance policy from the Chubb Group of Insurance Companies is designed to help protect dozens of different types of professionals from a broad range of liability exposures. With Chubb PROE&O errors and omissions liability insurance, the definitions of professional services in each policy are tailored to meet the individual needs of the insured. For example, if a company provides a variety of services, Chubb can define the types of services that may be insured. The policy’s definition of a claim is broad and includes defense for written demands for monetary or non-monetary relief as well as arbitration
proceedings. In addition, Chubb will pay to defend policyholders against lawsuits around the globe, within policy limits. Other features include, spousal liability coverage, which helps protect executives’ and employees’ spouses who are named as co-defendants. Exclusions are determined separately for each insured person, and no knowledge is imputed to other insured persons to determine the applicability of exclusions. Punitive or exemplary damages provided under the law most favorable to the insurability of these damages in any jurisdiction that has a substantial relationship to the insured, Chubb, the policy or the claim.

Dollars: Deductibles starting around $5,000, minimum premium starting around $3,000 and policy limits of $10 million.

Carrier: Federal Insurance Company, rated “A++,” admitted in most states.

States Available: All.

Contact: Jeffrey Grange, (908) 903-3370 or jgrange@chubb.com.