|AIG’S AMERICAN INTERNATIONAL COMPANIES TO OFFER FIDELITY INSURANCE FOR BANKS|
NEW YORK, February 12, 1998 - American International Group, Inc. (AIG) has announced that the American International Companies have introduced Crime Solution for BanksSM, a fidelity insurance policy designed specifically for banks.*|
Crime Solution for Banks offers worldwide coverage for losses resulting directly from any dishonest or fraudulent acts committed by an employee, acting alone or in collusion with others, in which the employee obtains or receives an improper financial benefit. The policy covers an insured's assets, including money, securities and other property. Crime Solution for Banks also includes computer systems fraud coverage and automatic coverage for employee benefit plans subject to the Employee Retirement Income Security Act (ERISA).
The policy definition of “employee” is expanded under the policy to include part-time, temporary and student workers. Additionally, the policy includes a 60-day loss notification period.
Crime Solution for Banks is offered as part of the American International Companies' Gold Package for Financial Institutions, one of a series of management liability insurance packages that address the needs of publicly-held corporations, privately-held companies and financial institutions. All three Gold Packages feature management liability insurance coverages and loss prevention and claims management products and services.
For more information about Crime Solution for Banks, call 212/458-1716 or http://access.aig.com.
AIG is the leading U.S.-based international insurance organization and among the largest underwriters of commercial and industrial insurance in the United States. Its member companies write property, casualty, marine, life and financial services insurance in approximately 130 countries and jurisdictions, and are engaged in a range of financial services 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.
* 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.