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AIG Launches Design and Construction Phase Risk Mitigation Service for Luxury Homes

NEW YORK--(BUSINESS WIRE)--Jul. 16, 2015-- AIG Private Client Group, a division of American International Group, Inc. (NYSE:AIG), today introduced the insurance industry’s first risk management and mitigation service for residential construction projects with budgets of $5 million or more.

As part of its Smart Build offering, AIG risk experts consult with policyholders, their contractors, architects, and other building professionals during the earliest stages of residential construction projects. They recommend the latest technologies and best building practices during home design and construction to help enhance a home’s safety and resilience when completed; promote sound environmental practices; and lessen the chance costly claims will happen in the first place. The recommendations can also potentially minimize the need for expensive retrofitting after construction is done.

The service seeks to minimize risks related to natural catastrophe, water damage, security, fire and life safety, and potential threats to fine art or other collections that will be located in a home. AIG’s Smart Build recommendations come from the company’s deep experience protecting some of the world’s largest luxury homes, as well as extensive analysis of AIG claims data and overall loss trends.

Smart Build has been successfully piloted with select contractors in the Hamptons and South Florida.

“We’ve seen firsthand on many occasions what can go wrong in a luxury home, and in many instances we know damage could have been avoided by better planning in the design and building phases,” said Stephen Poux, Senior Vice President of Risk Management and Loss Prevention for AIG Private Client Group. “Smart Build gives AIG a seat at the table from the very start of the design process to increase the likelihood that our customers will enjoy the safest, most resilient home possible for many years to come.”

American International Group, Inc. (AIG) is a leading global insurance organization serving customers in more than 100 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.

Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance | LinkedIn: http://www.linkedin.com/company/aig

AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.

Source: American International Group, Inc.

American International Group, Inc.
Matt Gallagher, 212-458-3247
Lauren Kochendarfer, 212-770-3155
Liz Werner, 212-770-7074