|AIG’S AMERICAN INTERNATIONAL COMPANIES OFFER BROADENED EXCESS WORKERS' COMPENSATION AND EMPLOYERS' LIABILITY COVERAGES|
NEW YORK, March 1, 1999 – American International Group, Inc. (AIG) has announced that the American International Companies are now offering XWC-Elite*, an admitted excess workers' compensation and employers' liability policy that significantly enhances coverage for a wide variety of exposures. XWC-Elite is available to qualified single entity self-insureds and self-insured groups that maintain retentions of at least $250,000 per accident and per employee disease. Statutory benefits for workers' compensation and employers' liability limits up to $5,000,000 are available.
XWC-Elite extends coverage to include federal and state Workers' Compensation and Employers' Liability acts generally excluded by most standard excess workers' compensation and employers' liability policies. These include the Defense Base Act, Federal Coal Mine Health and Safety Act, U.S. Longshore and Harbor Workers' Compensation Act, Non-Appropriated Funds and Instrumentalities Act, the Outer Continental Shelf Lands Act, the Omnibus Budget Reconciliation Act, the Jones Act, the Federal Employers' Liability Act, and the Migrant and Seasonal Agricultural Worker Protection Act.
Additionally, XWC-Elite provides broad definitions of the insured, covered employees, and where losses can occur. Coverage extensions include alternate employers, voluntary workers' compensation coverage including volunteers and board members, foreign voluntary compensation, including unlimited repatriation expense and endemic disease coverage, and stop gap employers' liability coverage. Broad form other states coverage is also available, which covers the insured for employee workers' compensation claims in non-domicile states.
In addition to XWC-Elite, the American International Companies offer Specific Excess Workers' Compensation and Employers' Liability and Specific and Aggregate Excess Workers' Compensation and Employers' Liability policies.
For information on XWC-Elite, call John Schwantner at 212/770-5468 or Jim Tamborrino at 212/770-5058.
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.