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.
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.
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