|AIG COMPANIES INTRODUCE AIG PASSPORT FOR EMPLOYMENT PRACTICES LIABILITY INSURANCE|
New Service Streamlines the Purchase of Global EPL Coverage
NEW YORK--Oct. 27, 2008--The AIG Companies(R) today introduced AIG Passport(SM )for Employment Practices Liability (EPL), a service for U.S.- or Canada-based multinational companies to facilitate purchasing locally admitted EPL insurance to cover international operations and subsidiaries.
AIG Passport for Employment Practices Liability delivers market-leading EPL coverage for a wide variety of claims commonly brought by employees, such as lawsuits alleging wrongful dismissal, termination, retaliation, sexual harassment, libel, slander, humiliation, defamation and wrongful failure to employ or promote. The policy covers the company and the individuals typically named in these suits, including directors and officers.
"Employment practices liabilities are no longer just U.S. exposures," said Lucy Ann Galioto, Senior Vice President and Employment Practices Liability Product Manager of AIG Executive Liability(SM). "Recent developments in employment discrimination laws in the U.K., the E.U. and Asia have steadily strengthened protections for employees and created new and greater exposures for corporations with operations around the world."
AIG Passport for EPL is currently available to address risks in 26 foreign jurisdictions. Foreign EPL 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 EPL is available for new and renewal business.
The AIG Companies' unique global franchise--with operations in over 130 countries and jurisdictions--and financial strength enables AIG to consistently deliver products to meet evolving insurance coverage needs worldwide. AIG Passport for EPL is the seventh product added to AIG's Passport platform. Since September of 2006, AIG has introduced Passport for Directors and Officers Liability, Errors and Omissions, Excess Casualty, Fidelity, AIG Global Ambassador and Pollution Legal Liability.
For more information on AIG Passport, please contact AIGPassport@aig.com or visit www.aigpassport.com.
All products are written by insurance company subsidiaries of American International 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 Ireland and Tokyo.