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Ask The Underwriter
Q. Does AIM's policy
provide coverage when an insured is performing legal services for a family owned
business?
A.
AIM's policy
excludes liability coverage arising out of professional services rendered by an
insured to a business enterprise that is owned or controlled by the insured or
insured's spouse, children, parents or
siblings of either. Owned or controlled means effective management control or
ownership in amount greater than ten percent. See the AIM policy, III.
Exclusions (5).
Q. Does the AIM policy extend coverage to work performed as an
Mediator? A. An AIM insured acting as an mediator is covered. This
fits within the policy's insuring
agreement covering acts, errors or omissions made in the rendition of
professional services for others arising out of an insured's
practice of law. The definition of legal services also includes administrator,
conservator, receiver, executor, guardian, trustee, or in any similar fiduciary
capacity, however coverage does not apply to any loss by the insured as a
beneficiary or distributor of any trust or estate.
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