|AIG ENVIRONMENTAL INTRODUCES OWNER'S PROTECTIVE ENVIRONMENTAL LIABILITY INSURANCE|
NEW YORK, June 15, 1999 - American International Group, Inc. (AIG) has announced that AIG EnvironmentalSM, a division of the American International Companies®, has introduced Owner's Protective Environmental Insurance (Owner's Protective), a policy that provides coverage for project owners for legal liability resulting from the action or inaction of hired independent contractors or engineers. Owner's Protective is designed to protect a project owner in the event a hired contractor or engineer cannot meet indemnity obligations owed to the insured. Under the policy, independent contractors and engineers are still required to carry the appropriate levels of professional and pollution liability insurance.
Owner's Protective indemnifies the insured for the engineer's wrongful acts or omissions in the performance of professional services for the owner's project. The policy also indemnifies the owner for the legal liability of a contractor for claims of bodily injury, property damage or environmental damages arising from work performed by a contractor. Additionally, Owner's Protective provides coverage for damages resulting from third-party claims attributable to the engineer's wrongful acts or omissions at the covered location, or from third-party claims of bodily injury, property damage or environmental damage resulting from pollution conditions for which the contractor is legally liable.
"Owner's Protective Environmental Insurance is a cost-effective method for project owners to protect themselves against the threat of liability resulting from insufficient policies held by their contractors or engineers," said Joseph L. Boren, President, AIG Environmental. "In addition to covering project owners, Owner's Protective addresses concerns over contractors' or engineers' cancellation or reduction of policy limits after job completion, as well as providing the owner with the rights and privileges of the negotiating party."
Owner's Protective is available with limits of liability of up to $100 million.
For more information on Owner's Protective Environmental Liability Insurance, call 1-800-348-4314, Dept. OPPR99 or http://access.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 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 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.