Products January 23, 2008

AIG Expands Corporate Counsel Coverage

January 23, 2008 (PLANSPONSOR.com) - Corporate counsel is increasingly on the hot seat in corporate litigation - and AIG Executive Liability now offers expanded insurance coverage to those individuals.
Reported by

The firm, a division of the property-casualty insurance subsidiaries of American International Group, Inc. (AIG), says it has enhanced its Corporate Counsel Premier (CCP) insurance policy to address evolving corporate counsel exposures.

According to a press release, corporate counsel faces the increasing risk of being named in securities litigation and liability exposure as a result not only of legal services provided on behalf of and to their employers, but also pro bono and moonlighting services.

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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, according to the firm. Additionally, CCP has a number of enhancements as part of the standard policy, including:

  • Incorporation of D&O terms and conditions to reduce the risk of gaps in coverage, particularly for securities claims;
  • Non-rescindable coverage for corporate counsel and their staff;
  • An expanded definition of claim;
  • A reduced insured vs. insured exclusion.

For more information, you can emailexecutiveliability@aig.com, or check out

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