|AIG RISK MANAGEMENT INTRODUCES AIGRMGREEN PRODUCT LINE TO ADDRESS GREEN BUILDING RISKS|
NEW YORK, Nov 25, 2008 -- AIG Risk Management(R) (AIGRM), a unit of AIG Commercial Insurance, today announced its AIGRMGreen(SM) product line, a component of AIG Real Estate Solutions. The primary casualty coverage for property owners and managers of green buildings consists of two coverages, AIGRMGreen Reputation Coverage(SM) and AIGRMGreen Indoor Environment Coverage(SM).
AIGRMGreen Reputation Coverage provides up to $50,000 in coverage, per occurrence, for crisis management consultant costs resulting from management of a reputational crisis when a green building experiences adverse publicity. Specifically, AIGRMGreen Reputation Coverage provides funds to employ crisis management specialists to manage adverse publicity; guide and counsel key company personnel; and provide other necessary services to assist in restoring a company's reputation.
AIGRMGreen Indoor Environment Coverage protects against claims of bodily injury caused by any substance or odor produced by or originated from a green building's specialized equipment used to improve air quality or water quality control. While such equipment is critical to green certification, loss resulting from this type of equipment is typically not covered in standard policies, exposing the building owner to a gap in protection.
"Across the U.S. and around the world, there has been a growing realization of the value of environmentally friendly and sustainable buildings," said Joe Fobert, Senior Vice President, AIGRM and AIG Real Estate Solutions Practice Leader. "We recognize that green buildings are a social responsibility and a sound business practice. However, as we enter new territory regarding green buildings, there may be exposures to risks that were never anticipated. AIGRMGreen offers protection from these risks."
Pre-event and during-event consultation services, which may include crisis planning and response, crisis management and on-site support, are also available under AIGRMGreen coverage. As soon as an event occurs, customers have immediate around-the-clock access to green claims specialists who provide such services through The AIG Green Hotline.
AIGRMGreen Reputation Coverage and AIGRMGreen Indoor Environment Coverage are available as endorsements to AIGRM general liability coverage customers who own or manage buildings that comply with green building standards established and recognized by an industry authority, such as LEED(R) (Leadership in Energy and Environmental Design), which is the certification program of the U.S. Green Building Council (USGBC).
To learn more about the new green endorsements from AIGRM, contact Joe Fobert at 813-222-4833 or firstname.lastname@example.org.
AIG Commercial Insurance serves a wide range of customers 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, construction, education, energy, financial institution, healthcare, marine and real estate sectors.
AIG Commercial Insurance is the marketing name for the domestic commercial property casualty insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products are 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. Developed in conjunction with AIG Product Development.
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.