Travelers Launches New Professional Liability Coverage Program
Travelers said it has introduced a new, modular professional liability product, 1st Choice+, geared toward accounting, design, legal and real estate professionals.
The product offers errors and omissions coverage in one comprehensive policy that can be tailored to include:
— Network and Information Security Offense Coverage which protects customers in the event of a network or information security breach or error
–Crisis Event Expense Coverage, a first of its kind coverage in errors and omissions policy forms offering up to $10,000 in expense reimbursement for consulting services provided by a public relations firm in response to a crisis event
— Pure claims-made coverage which eliminates the standard requirement of requiring customers to report a claim within 60 days of a policy’s termination date
It also includes specific coverages unique to the accounting, design, legal and real estate professional such as mid-term merger and acquisition coverage, a modified settlement clause, deductible mediation credit, no sub-limits or exclusions for failure to advise of pollution fungi or bacteria and more.
Travelers 1st Choice+ is available to new customers in most states with policy effective dates on or after January 1, 2009 and is available for customers renewing their existing Travelers 1st Choice coverage beginning February 1, 2009.
Source: The Travelers Cos. Inc.