AIG To Offer Management And Professional Liability Insurance Program For Family Offices

American International Group, Inc. (AIG) has announced that the American International Companies has introduced a management and professional liability insurance program for family offices. Family offices are established to handle the financial, philanthropic, legal and administrative operations of high-net-worth families.

The Family Office/Wealth Management Insurance program is a menu-driven form that allows family offices to tailor their insurance program to their specific needs. Policies may be customized for a wide range of services, including investment and financial advising, bookkeeping services, debt collection services, property management, tax preparation services, trustee services and others.

The program provides Professional Liability coverage for claims alleging errors and omissions in managing a client's assets and financial affairs. Additionally, insureds may choose directors & officers and private company liability coverage and employment practices liability coverage.

The program also offers other features including split retention/limit options, marital/heir estates extension, advancement of defense costs in excess of applicable retention amount, reduced retention for certain settlements and worldwide territory coverage. Limits of liability are available up to $10 million.