|AIG COMPANIES INTRODUCE AIG PASSPORT(SM) FOR POLLUTION LEGAL LIABILITY INSURANCE|
New Service Streamlines the Purchase of Global PLL Coverage
NEW YORK--April 23, 2008--The AIG Companies(R) today introduced AIG Passport(SM) for Pollution Legal Liability (PLL), a service for U.S.- or Canada-based multinational companies to facilitate purchasing locally admitted PLL insurance to cover international operations and subsidiaries.
PLL policies provide liability coverage for clean-up costs, or third-party claims for bodily injury and property damage arising from losses due to on- or off-site pollution conditions from an owned or operated property. PLL coverage also addresses pollution conditions resulting from transporting wastes or products to sites not owned by the insured.
AIG Passport for PLL is available to address environmental risks in one or more foreign jurisdictions. Foreign PLL policies written through AIG Passport are issued by the locally licensed AIG Company, in compliance with local laws and regulations. Claims are handled by local AIG claims examiners who are supported by a home country claims management team. AIG Passport for PLL is available for new and renewal business.
"Our multinational customers have recognized that environmental liability is an issue in all countries in which they operate," said Joseph Boren, Chairman and CEO, AIG Environmental. "It is becoming more important for U.S. companies with overseas operations to accurately represent their true environmental exposure around the globe in order to mitigate those risks. PLL insurance can be an effective way of addressing environmental liability risk."
"AIG Passport for PLL is one more example that demonstrates the AIG Companies' ability to deliver a broad portfolio of products to help multinational corporations mitigate risks," said John Q. Doyle, Executive Vice President of the AIG Property Casualty Group and President of AIG Commercial Insurance Group.
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. AIG Passport for PLL is the sixth product using the AIG Passport service. Since September of 2006, AIG has introduced Passport for Directors and Officers Liability, Errors and Omissions (E&O), Excess Casualty, and Fidelity and AIG Global Ambassador.
For more information on AIG Passport for PLL, please contact AIGPassport@aig.com or visit www.aigpassport.com.
Insurance underwritten by member companies of AIG. 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 jurisdictions. Issuance of coverage is subject to underwriting. Non-insurance products may be provided through independent third-parties. AIG Passport for PLL was developed in conjunction with AIG Product Development.
American International Group, Inc. (G), 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 Ireland and Tokyo.