|AIG'S AMERICAN INTERNATIONAL COMPANIES INTRODUCE NEW COVERAGES FOR INTERNET RISKS|
|NEW YORK, January 17, 2000 - American International Group, Inc. (AIG) has announced that the American International Companies have introduced a series of comprehensive liability coverages for companies conducting business on the Internet as well as companies providing Internet-related products and services.|
"The explosion of the Internet as a critical business tool has created a host of new exposures for companies establishing a presence on the Web, as well as for those providing the products and services needed to operate on the Internet," said, Kristian P. Moor, AIG Executive Vice President, Domestic General Insurance. "These new coverage programs enable insureds to create liability protection specific to their needs, whether they are venturing onto the Internet for the first time, regularly transacting business via the Internet, establishing a full-fledged dot-com enterprise, or providing the technology and content that are the backbone of these enterprises."
The AIG netAdvantage Program provides a number of coverage options based on the degree the insured does business via the Internet. Coverage is provided for businesses that use the Internet primarily for advertising activities, including banners and home pages. Coverage is provided for claims alleging defamation, libel, slander, infringement, and invasion of privacy that arise from content published on the Web. Defense costs, both for actions alleging damages and those seeking injunctive or non-monetary relief, as well as investigations and settlements, are covered.
AIG netAdvantage Pro provides coverage for companies engaged in e-commerce, where the insured provides traditional products and services via the Internet, or services an e-client. Coverage is provided for claims arising from acts, errors, and omissions in the insured's computer and Internet services. Media, content-based injury, and claims for injunctive relief, such as those involving allegations of infringement, libel, or slander resulting from media services, are covered as well.
AIG netAdvantage Pro+ provides the coverages of netAdvantage and netAdvantage Pro, as well as additional coverages specifically designed for Internet businesses such as Internet Service Providers, browsers and portals. Coverage is provided for claims of computer virus transmission, unauthorized access, unauthorized use, and loss of service arising from allegations of acts, errors, or omissions in Internet services, such as Webcasting, Web site hosting, and Web site design.
AIG netAdvantage Security provides third-party liability coverage for risks arising out of failures of an insured's Internet and computer security. Coverage is provided for liability arising out of computer viruses, disclosure of confidential or personal information, unauthorized access or use as well as comprehensive media liability. The policy also provides extortion, reward and crisis communications coverages.
AIG netAdvantage Security+ provides the third-party coverages of AIG netAdvantage Security as well as coverage for first-party property loss of information assets and eBusiness interruption (including dependent business and extended business interruption resulting from failures of an insured's Internet and computer security).
In addition to the AIG netAdvantage program, the American International Companies have also developed a series of professional liability coverages to address the exposures of companies providing Internet-related products and services. The AIG ProTech series of coverage modules can be tailored to address an insured's specific needs, and can be combined with the netAdvantage coverages.
The AIG ProTech Technology Errors and Omissions module provides coverage for electronic technology products and services, including coverage for computer software, hardware, and firmware; system and network design; installation and training; third-party "loss of use" claims; and third-party loss due to a recall of products containing an insured's product or service.
The AIG ProTech Telecommunications Liability module provides coverage for losses resulting from failure to render telecommunications services, or the failure of telecommunications products to perform the function or serve the purpose intended, regardless of whether there is any actual property damage. Coverage applies to cellular wireless and satellite communication services; access to, or services on, the Internet; cable television; and communications consulting. Coverage is also provided for loss of use of, or damage to, "intangible" property.
The AIG ProTech Media Liability module address exposures related to providing media services. The module provides coverage for claims involving libel, slander, defamation, trade libel, and product disparagement; and infringement of intellectual property rights by an insured's material, including alleged misappropriation of ideas under implied contract.
Limits of liability for the AIG netAdvantage and AIG ProTech are available up to $25 million.
For more information about the AIG netAdvantage and AIG ProTech programs, contact your insurance broker, or local AIG office, or firstname.lastname@example.org.
AIG is the leading U.S.-based international insurance organization and the largest underwriter of commercial and industrial insurance in the United States. Its member companies write property, casualty, marine, life and financial lines insurance in approximately 130 countries and jurisdictions, and are engaged in a range of financial services and investment management businesses. 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.
* Insurance provided by member companies of American International Group, Inc. The above described coverage may not be available in all states, and the above description 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.