|AIG ENVIRONMENTAL TO OFFER INSURANCE COVERAGES TO ELECTRIC POWER SUPPLY ASSOCIATION RISK MANAGEMENT PROGRAM|
NEW YORK, December 14, 1999 – American International Group, Inc. (AIG) has announced that AIG Environmental, a division of the American International Companies, will provide environmental insurance coverages to the Electric Power Supply Association (EPSA) EnergyPak, a full-service risk management program for EPSA members and the competitive power supply industry.
“The environmental coverages offered through EPSA's Energy Pak are designed not only to address environmental liabilities facing a power supplier's ongoing operations, but also those risks acquired through deregulation-related industry restructuring,” said Joseph Boren, President, AIG Environmental. “These coverages help provide certainty to both buyers and sellers as assets change hands, helping to facilitate the merger, acquisition or divestiture transaction.”
EPSA EnergyPak will now offer environmental insurance coverages underwritten by AIG member companies including Cleanup Cost Cap, Pollution Legal Liability Select (PLL Select) and Environmental Protection Program (EPP).*
Cleanup Cost Cap, designed to address the risk and uncertainty associated with an environmental remediation project, indemnifies the insured for cleanup costs associated with a designated Remedial Action Plan that are above the anticipated cost of cleanup.
PLL Select is designed to address the environmental risks associated with on- and off-site liability, environmental transportation risks, and non-owned disposal sites. The policy is targeted to facility owners and operators, as well as large companies with liabilities arising from mergers and acquisitions.
Both historical and current operations can be covered.
The Electric Power Supply Association is the national trade association representing competitive power suppliers active in U.S. and global power markets.
AIG Environmental, writing business through member companies of AIG, is the leading provider of environmental insurance products and services.
For more information, contact AIG Environmental at 800/348-4314, Department LG1099B or http://access.aig.com or contact EPSA at 202/789-7200 or e-mail 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.
*The above described coverages 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.