|AIG EXCESS CASUALTY DIVISION INTRODUCES NEW SELF-INSURED RETENTION POLICY|
|NEW YORK - August 1, 2000 - American International Group, Inc. (AIG) has announced that AIG Excess CasualtySM, a division of the American International Companies, has introduced Umbrella Elite S.I.R.SM, a policy designed for insureds with self-insured retention of $1 million or more that provides access to the AIG Excess Casualty Panel Counsel, a specially selected group of nationally known law firms. The policy also offers advancement of crisis response costs and crisis communications management insurance. It is one of the first policies of its kind that allows underlying and/or other insurance to satisfy the each occurrence self-insured retention.|
Insureds utilizing the AIG Excess Casualty Panel Counsel can receive a credit up to 10 percent of the self-insured retention and preferred hourly rates from Panel Counsel firms. The credit is available to insureds that retain a Panel Counsel firm as soon as possible after a suit that seeks damages covered by the Umbrella Elite S.I.R. policy is filed.
Umbrella Elite S.I.R. features CrisisResponse, which advances up to $250,000 of the Umbrella Elite S.I.R. limit for expenses that an insured may become legally liable to pay as damages resulting from a covered casualty crisis. In addition, CrisisResponse offers insureds around-the-clock, toll-free access to the Excess Casualty Claims Department, if a covered casualty crisis occurs.
Umbrella Elite S.I.R. also includes Excess Casualty CrisisFundSM, which provides the insured up to $50,000 of coverage towards the services of a public relations firm in the event of a major casualty crisis.
"A company's survival may depend upon its ability to surmount a catastrophic crisis," said Susan Rivera, President of American Home Assurance Company, an AIG member company. "Umbrella Elite S.I.R. effectively preserves a company's business reputation and minimizes negative impact to an insured's bottom line by providing knowledge, expertise and resources to act immediately at the time of the crisis to mitigate damages."
CrisisResponse is triggered, as is Excess Casualty CrisisFund, when an insured reports a major casualty crisis. A major casualty crisis is a catastrophic occurrence that may result in a claim for damages greater than the limits of underlying insurance and may cause significant adverse regional or national media coverage. Covered casualty crises include, but are not limited to, man-made disasters such as explosions, major crashes, contamination of food, drink, or pharmaceuticals, and other major crises causing multiple deaths, burns, dismemberment, traumatic brain injury, permanent paralysis, or other damages.
In addition, Umbrella Elite S.I.R. offers coverage for non-employment related discrimination, vicarious liability arising out of intentional acts, and advertising injury due to infringement of copyright or trademark in an insured's advertisement.
For more information about Umbrella Elite S.I.R., contact an insurance broker, a local branch office of American International Companies, or Tracey Amster at 212/458-5807 or Umbrella.Elite@aig.com.
# # #AIG is the leading U.S.-based international insurance and financial services organization and the largest underwriter of commercial and industrial insurance in the United States. Its member companies write a wide range of commercial and personal insurance products through a variety of distribution channels in approximately 130 countries and jurisdictions throughout the world. AIG's global businesses also include financial services and asset management, including aircraft leasing, financial products, trading and market making, consumer finance, institutional, retail and direct investment fund asset management, real estate investment management, and retirement savings products. American International Group, Inc.'s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
# # #* The above described insured coverage may not be available in all states, and the above described thereof is neither a complete description nor a complete list of all terms, conditions and exclusions. Note that certain terms used in the above are defined in the policy. Please see the policy for a complete description of its scope and limitations of coverage. Issuance of coverage is subject to underwriting.