|AIG’S AMERICAN INTERNATIONAL COMPANIES INTRODUCE INSURANCE AND RISK MANAGEMENT PRODUCTS AND SERVICES PACKAGE FOR LAW FIRMS|
NEW YORK, April 9, 1998 - American International Group, Inc. (AIG) has announced that the American International Companies have introduced LawGuardSM, a package of insurance and risk management products and services that address law firms' various liability exposures.|
LawGuard coverages can be purchased as a package or individually, and include Lawyers Professional Liability Insurance, Outside Directorship Liability Insurance, Employment Practices Liability Insurance (EPLI), Employment Retirement Income Security Act (ERISA) Liability Insurance, Fidelity Insurance, and Kidnap & Ransom/Extortion Insurance. LawGuard coverages are available with limits of liability up to $20 million. LawGuard also features loss prevention services such as Law Firm CrisisFundSM; EPL PakSM and VIPSM (Vendor Integrity Program).
Law Firm CrisisFund, an endorsement to the firms' lawyers' professional liability insurance policy, provides up to $10,000 to pay fees for crisis management services related to a covered crisis event. Coverage can be triggered by the firm's management without a claim against the insured. Law Firm CrisisFund is available to eligible insureds at no additional premium.
Insured firms with EPLI coverage will receive EPL PakSM, a package of employment practices loss prevention products and services.
Fidelity insurance insureds may elect VIPSM (Vendor Integrity Program), a vendor screening program provided by Kroll Associates designed to minimize exposure to vendor-related fraud. In the event a VIP-screened vendor causes an insured loss, retention on the Fidelity insurance policy is waived up to $25,000. VIP is automatically included with the purchase of LawGuard's Fidelity insurance.
“Today's law firms face numerous hazards that threaten their financial health and future, such as professional, employment practices and outside directorship liability,” said Kristian P. Moor, AIG Senior Vice President, Domestic General Insurance. “This comprehensive package of insurance products and loss prevention services addresses the diverse risks that law firms face.”
For more information about LawGuard, call 888-269-6073 or firstname.lastname@example.org.
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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.