|AIG MEMBER COMPANIES TO OFFER LIABILITY INSURANCE PROGRAMS TO INFORMATION TECHNOLOGY ASSOCIATION OF AMERICA (ITAA) MEMBERS|
|NEW YORK, May 2, 2000 – American International Group, Inc. (AIG) has announced an agreement with the Information Technology Association of America (ITAA) in which AIG member companies will be the exclusive endorsed providers of management, professional and technology liability insurance products and services to ITAA members. |
The ITAA-sponsored program offers ITAA members insurance coverages that address the management, professional and technology liability exposures facing the technology industry, whether a company is private or publicly-traded. Among the coverages available to ITAA members are the AIG netAdvantage Program, which provides coverage options based on the degree the insured does business via the Internet, including coverage for content related exposures, security failures, denial of service and business interruptions, and the AIG ProTech series of coverages, which address the exposures of companies providing technology-related products and services.
Participating ITAA members also have access to management liability coverages for Initial Public Offerings (IPOs); fiduciary requirements as designated under the Employee Retirement Income Security Act of 1974 (ERISA); and Intellectual Property/Patent insurance, as well as Directors and Officers, and Corporate Liability and Employment Practice Liability insurance. Management liability coverages are tailored to the specific needs of privately-held or publicly-traded companies.
“As the technology sector continues its tremendous growth in today's evolving business environment, it is increasingly important for companies participating in this sector to fully address their unique range of liabilities,” said Kristian P. Moor, AIG Executive Vice President, Domestic General Insurance. “Our partnership with the ITAA provides its members with innovative insurance products for the new Internet economy and helps these organizations limit their exposure to new and emerging risks.”
“We are delighted to be able to offer our members a package of insurance coverages designed to meet the specific needs of information technology and e-commerce companies today,” said ITAA President Harris Miller. “As a trade association, we are pushing the envelope in areas like information security – and now we are offering a coverage option that does likewise. I am confident that we have the right product and the right partner to make this program a major success.”
AIG member companies will supplement the insurance programs by providing participating ITAA members with access to customized educational resources such as seminars on insurance and risk management techniques in the technology and Internet business environments.
Additionally, insured companies are provided, at no additional premium, a number of loss prevention services to help avoid claims and mitigate losses. Insureds will receive access to the services of the American International Companies' Technology Panel Counsel, which is composed of leading law firms that specialize in the defense of technology-related lawsuits; BriefBase Tech, a repository of key Internet and intellectual property-related pleadings, court opinions and expert testimony from state and federal courts exclusively for the technology panel counsel; and CrisisFund, which advances insureds up to $50,000 to hire a crisis communications firm to respond immediately to a crisis.
Participating ITAA members will also receive a low-cost, non-intrusive analysis of their computer systems and network by a member of the American International Companies' Technology Alliance – a roster of leading eBusiness and Internet security firms that provide services and products to AIG member company insureds. The analysis may help insureds uncover potential areas of vulnerability and take corrective action before incidents occur.
For more information about management, professional and technology liability insurance products and services for ITAA members, contact an insurance broker, a local American International Companies office, or Robin Kestenbaum at 212/458-1716 or firstname.lastname@example.org.
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 Information Technology Association of America (ITAA) provides global public policy, business networking, and national leadership to promote the rapid growth of the IT industry. ITAA consists of corporate members throughout the U.S. and a global network of 41 countries' IT associations. The Association plays the leading role in issues of IT industry concern including taxes and finance policy, intellectual property, telecommunications competition, workforce education, encryption, critical infrastructure protection, online privacy and consumer protection, securities litigation reform, government IT procurement, and human resources policy. ITAA members range from the smallest IT startups to industry leaders in the Internet, software, IT services, ASP, digital content, systems integration, telecommunications, and enterprise solution fields. For more information, visit www.itaa.org.