NEW YORK--(BUSINESS WIRE)--Sep. 3, 2015--
AIG Private Client Group, a division of American International Group,
Inc. (NYSE: AIG) that serves high net worth policyholders, today
introduced wearable collections coverage, a unique, specialized
insurance solution for couture and designer wearable collections.
The new couture product offers coverage not typically found in a
homeowners policy and recognizes the high value placed on the fine
craftsmanship of high-end designer fashions and wardrobe accessories.
The insurance covers couture and ready-to-wear garments, shoes,
handbags, and vintage and historic clothing. It addresses damage caused
by flood, mold, and moths, risks often excluded from a homeowners
policy. Coverage for custom, work-in-progress couture and shoes is also
provided, as is reimbursement of expenses for clients who protect their
couture by removing it from the home in advance of an impending threat.
In addition, the insurance covers dry cleaning and wardrobe preparation
expenses by a high-end garment care specialist following a covered loss—
a common prerequisite for acceptance into a secure garment storage
“Much like collectors of fine art, vintage cars, or wine, customers who
invest in their wardrobes can be quite passionate about their
acquisitions,” said Ron Fiamma, Vice President and Global Head of
Private Collections for AIG Private Client Group. “To help safeguard
these items, our new couture solution closes the gaps in a traditional
homeowners policy and enables us to proactively mitigate risks for these
In developing this coverage, AIG worked with Garde Robe Online, LLC, a
wardrobe storage and preservation service, to identify coverage features
that would address real concerns for collectors.
AIG Private Client Group’s in-house collection management specialists
are available to customers year-round to help preserve the long-term
value of collectible garments, shoes, and handbags. Services include
vulnerability assessments, emergency planning, and referrals to wardrobe
AIG’s couture coverage is sold as an endorsement to the insurer’s
private collections policy, which includes additional advantages such as
agreed value coverage, no deductibles, and loss in value payments. The
coverage is available today in New York and Texas. Availability in
additional states will follow.
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
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| 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.
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Source: American International Group, Inc.
American International Group, Inc.
Matt Gallagher (Media):
Kochendarfer (Media): 212-770-3155;
Werner (Investors): 212-770-7074;