AIG Executive Liability, a division of the property-casualty insurance subsidiaries of American International Group, has enhanced its Corporate Counsel Premier insurance policy to address evolving corporate counsel exposures.
Corporate counsel faces the increasing risk of being named in securities litigation and liability exposure from a variety of claimants. These liabilities may result from legal services provided on behalf of and to their employers, as well as pro bono and moonlighting services.
Because the role of corporate counsel continues to change, AIG Executive Liability has enhanced the Corporate Counsel Premier (CCP) policy to protect the personal assets of corporate counsel and their staff.
CCP, which is available in all 50 states, with policy limits of up to $25 million, now provides legal liability protection to corporate counsel and legal staff in a manner that complements many directors and officers (D&O) liability policies.
Additionally, CCP has incorporated D&O terms and conditions to reduce the risk of gaps in coverage, particularly for securities claims and non-rescindable coverage for corporate counsel and their staff.
Lisa Butera, president of professional liability division at AIG Executive Liability, said: Sarbanes-Oxley changed the role of corporate counsel to one of gatekeeper, resulting in their being named more frequently in SEC actions and personal liability suits. In response to rising concern among corporate counsel, AIG Executive Liability redesigned Corporate Counsel Premier to better protect the individuals who serve in these vital corporate positions.