|AIG EXECUTIVE LIABILITY(SM) INTRODUCES AIG PUBLIC ENTITY PLAN AND TRUSTEE PROTECTOR|
Policy Protects Trustees of Governmental Employee Benefit Plans against Today's Exposures
NEW YORK, June 25, 2008 - AIG Executive Liability(SM), a division of AIG Commercial Insurance, today introduced AIG Public Entity Plan and Trustee Protector, a policy that protects individuals who manage public entity employee benefit plans from fiduciary liability exposures.
A number of recent high-profile cases have spotlighted the liability of those who oversee public entity employee benefit plans. While these plans are regulated at the state and local level, and are not subject to the Employee Retirement Income Security Act (ERISA), fiduciaries of such plans are nonetheless subject to a myriad of rules, and may be held personally liable to restore losses to a plan caused by their breaches of duty. All too often, sovereign immunity is either not available or cannot be relied upon. Fiduciaries can face suits from plan participants, their beneficiaries, government agencies, watchdog groups and even concerned taxpayers.
AIG Executive Liability created the AIG Public Entity Plan and Trustee Protector policy to expressly address the exposures faced by fiduciaries of public entity plans. Available in over thirty states, with limits up to $50 million, the policy includes expansive coverage for trustees, employees, elected or appointed officials, the benefit plan and retirement system for claims alleging breaches of employee benefit law or errors in plan administration.
“We created AIG Public Entity Plan and Trustee Protector in response to rising concern about personal liability among managers of public entity employee benefit plans. This policy better addresses the unique litigation issues faced by individuals who manage these plans.” said Michael Smith, President, AIG Executive Liability.
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.aig.com/aigexecutiveliability.
AIG Commercial Insurance serves a wide range of entities from multinational and middle-market companies to non-profit organizations and small entrepreneurs. Its extensive product offerings include general and excess liability, property, management and professional liability, workers’ compensation, accident and health, environmental liability, and integrated global programs for multinational companies. AIG Commercial Insurance also maintains dedicated industry groups to serve the insurance needs of the aviation, energy, marine, healthcare, construction, financial institution, real estate and education sectors.
AIG Commercial Insurance is the marketing name for the domestic commercial property casualty insurance operations of American International Group, Inc. All products written by insurance company subsidiaries of AIG Commercial Insurance Group, Inc. Coverage may not be available in all jurisdictions and is subject to actual policy language. Non-insurance products and services may be provided by independent third parties.
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.