|AIG EXCESS CASUALTY INTRODUCES NEW EXCESS AND COMMERCIAL UMBRELLA POLICY AND CRISIS COMMUNICATIONS COVERAGE|
NEW YORK, April 26, 1999 – American International Group, Inc. (AIG) has announced that AIG Excess CasualtySM, a division of the American International Companies®, now offers Umbrella EliteSM, a new policy that provides excess follow form and commercial umbrella liability coverages. Additionally, AIG Excess Casualty has introduced Excess Casualty CrisisFundSM, a coverage available to Umbrella Elite policyholders that provides the insured with up to $25,000 coverage towards the services of a public relations firm in the event of a major casualty crisis. *
Umbrella Elite is designed to help insureds avoid coverage gaps and overlaps in their commercial umbrella liability program. The policy provides flexibility by following form to both claims-made and occurrence policies, underwritten by any rated insurance carrier. Additionally, Umbrella Elite provides coverage for non-employment related discrimination including injury to reputation and vicarious liability arising out of intentional acts. The policy definitions of personal injury and advertising injury have been expanded to include injury resulting from electronic publication. The policy also features follow form uninsured and underinsured motorists coverage.
Excess Casualty CrisisFund provides an amount up to $25,000 to cover fees of an approved public relations firm in helping an insured manage a crisis event that would be covered by the Umbrella Elite policy. Covered events include explosions; major crashes; contamination of food, beverage, or pharmaceuticals; or other covered events that result in multiple deaths. Coverage under Excess Casualty CrisisFund is triggered when a key executive of the insured reaches the reasonable opinion that damages caused by a crisis may result in a claim against the Umbrella Elite policy and significant adverse regional or national media attention.
To ensure policyholders secure the best crisis management counsel, AIG Excess Casualty has pre-approved a panel of leading public relations firms specializing in crisis management that an insured can select to provide services in connection with a covered event. These firms are: Abernathy MacGregor Frank; Edelman Public Relations Worldwide; Hill & Knowlton; Kekst and Company; Robinson Lerer & Montgomery; Sard Verbinnen & Company; and Sitrick and Company. Additionally, Kroll Associates, a leading international crisis management and investigative consulting firm, has been pre-approved. Insureds may also, with prior approval of AIG Excess Casualty, retain another public relations firm not on the pre-approved panel.
For more information on Umbrella Elite, contact Tracey Amster at 212/770-3668 or Umbrella.Elite@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, and are engaged in a range of financial services and investment management businesses, in approximately 130 countries and jurisdictions. 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 insured 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.