|AIG’S AMERICAN INTERNATIONAL COMPANIES INTRODUCE CRISIS MANAGEMENT COVERAGE FOR LAW FIRMS|
NEW YORK, April 9, 1998 – American International Group, Inc. (AIG) has announced that the American International Companies have introduced Law Firm CrisisFundSM as an enhancement to its Lawyers' Professional Liability (LPL) policy. Law Firm CrisisFund provides insureds with up to $10,000 to retain crisis management consultants to help mitigate the impact of covered events that can threaten the welfare and reputation of a law firm.*|
Law Firm CrisisFund covers fees of an approved public relations, accounting or law firm in helping an insured manage a covered crisis event. Coverage is triggered when an insured's management decides that a covered event is likely to have a significant negative impact on the firm's financial health or reputation, regardless of whether a claim is ever made against the insured. Covered events include an unanticipated and significant decrease in the number of an insured's attorneys; the unanticipated departure, death or total disability of a partner, group practice head, or major shareholder; bankruptcy; or the closing of the firm's principal office due to fire or natural disaster.
Law Firm CrisisFund is available as an enhancement to LawGuardSM, a coverage package that provides management and professional liability coverages for law firms, their partners and associates. LawGuard coverages 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. Law Firm CrisisFund is available to eligible insureds at no additional premium.
“When a crisis is imminent or has occurred, a swift strategic response can keep a law firm above the fray and limit the damage to its welfare and reputation,” said Kristian P. Moor, AIG Senior Vice President, Domestic General Insurance. “Law Firm CrisisFund provides insureds with the tools and resources to effectively manage crises before, during and after an incident.”
For more information about Law Firm CrisisFund, 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.