|AIG COMPANIES INTRODUCE AIG PASSPORT FOR ERRORS & OMISSIONS LIABILITY INSURANCE|
New Service Streamlines Purchase of Global E&O Coverage
NEW YORK--Sept. 24, 2007--The AIG Companies(R) today introduced AIG Passport(SM) for Errors & Omissions (E&O), a service created for multinational companies to facilitate purchasing locally admitted E&O liability insurance to cover their international operations and subsidiaries.
AIG Passport provides an efficient service platform to address clients' need for admitted insurance policies in countries in which they have business operations. AIG Passport for E&O is available for new and renewal business, and will initially be available in 18 of the most in-demand countries. It enables multinationals to purchase professional liability coverage tailored for specific industries, including: technology, real estate, travel agents, staffing/recruitment agencies and claims adjusting.
Just as the AIG Companies have provided admitted policies around the world for many years, AIG Passport policies are issued by locally licensed AIG Companies that are compliant with local laws and regulations. Claims will be handled by local AIG claims examiners supported by a home country management team.
"Multinationals are looking for a streamlined way to purchase locally admitted liability coverage for their operations around the globe," said Lisa Butera, President, Professional Liability Division, AIG Executive Liability "AIG Passport can meet this demand by helping corporations obtain E&O policies that adhere to local customs, laws and regulatory guidelines."
"With the ever increasing level of litigation against professionals globally, this service ensures our customers receive the best protection regardless of where they operate," said Colin Buchanan, Professional Indemnity Manager, AIG Foreign General Insurance.
AIG Passport for E&O is the third product to include the AIG Passport service. In September of 2006, AIG Passport for Directors and Officers (D&O) was introduced to facilitate the purchase of locally admitted directors' and officers' liability insurance. This May, AIG Passport for Excess Casualty was introduced to facilitate the purchase of locally admitted excess casualty coverage. The AIG Companies' unique global franchise--with operations in over 130 countries and jurisdictions--and financial strength enables them to consistently deliver products to meet evolving insurance coverage needs worldwide.
For more information on AIG Passport for E&O, please contact AIGPassport@aig.com or visit www.aigpassport.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, as well as the stock exchanges in Paris, Switzerland and Tokyo.