Allied World Assurance announced that Allied World North America has introduced an enhanced Professional Risk-Transfer Organization (PRO) Professional Liability product.
This product offers greater flexibility and a more responsive design, enabling clients to select and use only the coverages they need by choosing from a comprehensive array of E&O, D&O, EPL and Privacy and Network Security protection.
The revised product also includes an expanded and more robust Privacy and Network Security (SRVS) coverage option where insureds can purchase up to $1m in additional limits and notification/monitoring costs for up to 75,000 individuals without having to buy an additional policy.
Coverage enhancements (available either as a sub-limit or up to the full policy limit) also include Governmental Claims Coverage for E&O, Non-rescindable Side A coverage and Derivative Demand Coverage for D&O claims and Third-Party EPL Coverage.
"We have been consistently dedicated to our insurance company clients for many years. This improved product offers our clients the flexibility that they have been looking for to customize their professional lines coverage to meet their specific needs," commented Al Fantuzzi, Senior Vice President of North American E&O Division at Allied World.
"The legal landscape is constantly evolving and insurance companies are looking for comprehensive options to protect themselves against bad faith litigation and claims against their directors and officers. This product provides wide-ranging protection and choice," said Joyce Duarte, Vice President, E&O Division at Allied World.
Allied World Assurance Company Holdings, through its subsidiaries and brand known as Allied World, is a global provider of innovative property, casualty and specialty insurance and reinsurance solutions.