|AIG EXECUTIVE LIABILITY(SM) ENHANCES CORPORATE COUNSEL PREMIER(R) INSURANCE|
Policy Protects Employed Lawyers Against Today's New Exposures
NEW YORK--Jan. 23, 2008--AIG Executive Liability(SM), a division of the property-casualty insurance subsidiaries of American International Group, Inc. (AIG), today announced it has enhanced its Corporate Counsel Premier(R) (CCP) insurance policy to address evolving corporate counsel exposures.
Corporate counsel faces the increasing risk of being named in securities litigation and unprecedented liability exposure from a variety of claimants. These liabilities may result from legal services provided on behalf of and to their employers, as well as pro bono and moonlighting services. Because the role of corporate counsel continues to change, AIG Executive Liability has significantly enhanced the CCP policy to protect the personal assets of corporate counsel and their staff.
CCP, which is available in all 50 states, with policy limits of up to $25 million, now provides legal liability protection to corporate counsel and legal staff in a manner that complements many directors and officers (D&O) liability policies. Additionally, CCP has a number of enhancements as part of the standard policy, including:
-- Incorporation of D&O terms and conditions to reduce the risk of gaps in coverage, particularly for securities claims;
-- Non-rescindable coverage for corporate counsel and their staff;
-- An expanded definition of claim;
-- A reduced insured vs. insured exclusion.
"Sarbanes-Oxley changed the role of corporate counsel to one of gatekeeper, resulting in their being named more frequently in SEC actions and personal liability suits," said Lisa Butera, President, Professional Liability Division, AIG Executive Liability. "In response to rising concern among corporate counsel, AIG Executive Liability redesigned Corporate Counsel Premier to better protect the individuals who serve in these vital corporate positions."
Experience from AIG Executive Liability's twelve years in this market - combined with feedback from brokers and corporate counsel helped to create this innovative solution.
For more information, please contact your insurance broker or email firstname.lastname@example.org; you can also visit us on the Web at: http://www.aigexecutiveliability.com/.
American International Group, Inc. (AIG), a world leader 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 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.