Allianz Commercial will soon launch its new solution for professional indemnity, by teaming up with Allianz Global Corporate & Specialty (AGCS).
Following a successful pilot via Allianz Commercial’s Casualty Centres of Excellence, the new offering is now available to brokers and their clients via the Company’s 14 regional branch locations.
The offering provides PI cover for a range of occupations with UK exposures, including accountants, architects, and engineers, along with professionals in the emerging sectors such as media and technology. The product is now available to commercial customers as an add-on to existing Commercial and Construction Select products or as a standalone policy and has capacity of up to £15m to meet the cost of defending claims and damages.
The new offering draws upon existing AGCS experience that, since entering UK and International PI markets in 2009, has delivered in excess of €70m in gross written premiums. The collaboration will see Allianz Commercial’s newly-created team underwrite all cases with claims being handled by AGCS’ dedicated team of PI experts.
Key features of the policy include:
– Dedicated policy wordings for professionals that traditionally require professional indemnity cover and one general policy wording for all other emerging businesses and professions
– Cover is provided on a Civil Liability basis – the widest form of cover available
– Automatic Acquisition – cover can be automatically provided for work in respect of any firm acquired during the policy period
– Inclusion of Innocent Non-Disclosure – protection when a material fact has innocently been omitted prior to the acceptance of the insurance contract
– Capacity of up to £15m to meet the cost of defending claims and damages.
Steve Coates, head of property and casualty at Allianz Commercial, commented: “This move is another significant step in the ongoing development of our casualty proposition. As a result of this collaboration, for the first time regional brokers will have the ability to combine clients’ PI covers with existing Allianz products into one policy.”
He added: “Our 14 branch locations provide the perfect platform to deliver this product to the market and we have set ourselves ambitious growth targets. We are always looking for opportunities to expand our underwriting footprint and continue to develop solutions that give our brokers and customers choice and flexibility to meet their demands.”
Gary Everson, head of financial lines at Allianz Global Corporate & Specialty, said: “This development reflects the strength and expertise that Allianz possesses in the UK market. Our commercial colleagues have a strong regional presence and we are delighted to be able to align our skills, products and experience to provide a combined Allianz solution for UK brokers and their clients.”
