American International Companies has introduced a management and professional liability insurance program for family offices
American International Companies, a subsidiary of American International Group, Inc. (AIG), has introduced a management and professional liability insurance program for family offices, established to handle the financial, philanthropic, legal and administrative operations of high-net-worth families.
According to the company, the Family Office/Wealth Management Insurance program is a menu-driven form, which 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.
For more information, contact AIG at 212-770-7000.