|AIG EXCESS CASUALTY INTRODUCES EXPENSE ADVANCEMENT PROGRAM FOR MAJOR CASUALTY OCCURRENCES|
|NEW YORK, January 3, 2000 – American International Group, Inc. (AIG) has announced that AIG Excess Casualty, a division of the American International Companies, has introduced CrisisResponse, an enhancement to its Umbrella Elite policy that advances up to $250,000 for expenses that an insured may become legally liable to pay as damages resulting from a covered major casualty crisis.* Additionally, CrisisResponse includes Excess Casualty CrisisFund, which provides the insured with up to $50,000 coverage towards the services of
a public relations firm in the event of a major casualty crisis.|
CrisisResponse is designed to help insureds immediately address a major casualty crisis by advancing funds to help mitigate damages to victims, their families, and communities, while also helping to protect the business reputation of the insured. Covered expenses include medical, funeral, travel, psychological counseling, temporary living expenses, and other necessary expenses to immediately secure a crisis scene to prevent further damage or injury.
“CrisisResponse allows insureds to take a proactive approach to a major casualty crisis,” said Susan Rivera, President, American Home Assurance Company, an AIG member company. “Unlike normal response programs where claims are reported, liability is established, and damages are determined before any loss payment is made, CrisisResponse provides insureds with the knowledge, expertise and resources to act immediately at the time of 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.
To ensure policyholders secure quality crisis management services under Excess Casualty CrisisFund, AIG Excess Casualty has pre-approved a panel of leading public relations firms specializing in crisis communications that an insured can select to provide services in connection with a covered event. These firms are: Abernathy MacGregor Frank; Edelman Public Relations Worldwide; Hill & Knowlton; Kekst and Company; Robinson Lerer & Montgomery; Sard Verbinnen & Company; and Sitrick and Company. Additionally, Kroll Associates, a leading international crisis management and investigative consulting firm, has been pre-approved. Insureds may also, with prior approval of AIG Excess Casualty, retain an other public relations firms not on the pre-approved panel.
For more information on CrisisResponse, contact Tracey Amster at 212/770-3668 or Umbrella.Elite@aig.com.
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, and are engaged in a range of financial services and investment management businesses, in approximately 130 countries and jurisdictions. 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 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.