Global insurance firm XL Group has introduced a new Excess “follow form” insurance policy, for the brokers and clients in the US and Canada.
The new policy is a streamlined solution for brokers and clients to buy an additional layer of professional liability insurance protection.
XL Group global professional team chief executive Kelly Lyles said: "Given potential defense costs and the increasing severity of court settlements and judgments, primary insurance limits can be quickly exhausted.
"Our professional liability team has a solid reputation as one of the most knowledgeable and skilled underwriting and claims teams in the industry."
The new one-page Excess form offers up to $50m of additional liability limits over XL Group or other insurance carriers’ primary professional liability insurance coverages.
It will cover directors and officers, errors and omissions, fiduciary, fidelity and employment practices liability insurance.
In addition, Excess coverage extends protection for claims, which exceed underlying professional liability coverage limits and follows their terms and conditions.
XL Group’s Professional business offers professional liability insurance for directors and officers, financial institutions, architects, engineers and other businesses and service professionals.
The business’ other professional liability coverages include cyber and technology, commercial crime and fraud, and employment practices liability insurance.