AIG's National Union Fire Insurance Company of Pittsburgh, Pa. Introduces Investment Banking Engagement Insurance.Investment Banking Engagement Insurance Allows Investment Banks to Secure E&O Insurance Policies for Services Performed on Specific Transactions NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- National Union Fire Insurance Company of Pittsburgh, Pa.([R]) (National Union), a member company of American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. , Inc. (AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group ), today announced the launch of its Investment Banking Engagement Insurance (IBEI IBEI International Business Ethics Institute ) Policy, a new type of professional liability insurance policy for investment banks to insure a specific transaction against errors and omissions errors and omissions n. short-hand for malpractice insurance which gives physicians, attorneys, architects, accountants and other professionals coverage for claims by patients and clients for alleged professional errors and omissions which amount to negligence. (E&O) claims. IBEI can be used for any type of investment banking engagement including raising equity and debt in the capital markets and providing advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal for mergers, acquisitions and other types of financial transactions. IBEI's transaction-based approach allows investment banks - especially those mid-tier banks which may be most vulnerable to an adverse E&O event - to secure customized coverage for a specific transaction. "Currently market capacity for E&O coverage for the investment banking community is very limited, despite strong demand," said Scott A. Meyer, President, National Union Financial Institutions Group. "National Union's proficiency in offering risk management solutions for financial institutions is now enhanced by providing investment banks with the appropriate E&O coverage needed for specific transactions." IBEI offers expanded protection for individuals named in a covered claim, including the payment of defense costs, which usually would fall within the policy's self insured retention, if the investment bank is financially insolvent, and limiting the application of the fraud exclusion to situations where there has been a judgment, final adjudication The legal process of resolving a dispute. The formal giving or pronouncing of a judgment or decree in a court proceeding; also the judgment or decision given. The entry of a decree by a court in respect to the parties in a case. or alternative dispute resolution Procedures for settling disputes by means other than litigation; e.g., by Arbitration, mediation, or minitrials. Such procedures, which are usually less costly and more expeditious than litigation, are increasingly being used in commercial and labor disputes, Divorce adverse to the insured regarding the fraudulent conduct. Limits of up to $25 million are available. For more information, please contact your local AIG office, your insurance broker or email managementliability@aig.com ; you can also visit us on the Web at: www.aignationalunion.com American International Group, Inc. (AIG), world leaders in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , as well as the stock exchanges in London, Paris, Switzerland and Tokyo. *Insurance is underwritten by member companies of American International Group, Inc., and is subject to underwriting review and approval. The description herein is a summary only. It does not include all terms, conditions and exclusions of the policies described. Please refer to the actual policies for complete details of coverage and exclusions. Coverage may not be available in all states. Non-insurance products may be provided through independent third parties. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion