|AIG’S AMERICAN INTERNATIONAL COMPANIES OFFER FINANCIAL INSTITUTIONS ENHANCED PROFESSIONAL LIABILITY COVERAGE FOR INTERNET-RELATED BUSINESS ACTIVITIES|
|NEW YORK, August 14, 2001 - American International Group, Inc. (AIG) has announced that the American International Companies has introduced AIG e-dorsement sm , an enhancement to its financial institutions professional liability coverage that addresses professional services performed via the Internet.*|
“To remain competitive many financial institutions are rendering services such as online banking, loan quotations and venture capital services, on the Internet. However, conventional professional liability coverages do not specifically address the new Internet risks,” said John Keogh, President and Chief Operating Officer, National Union Fire Insurance Company of Pittsburgh, Pa., and AIG member Company. “AIG e-dorsement expands coverage to encompass the newest risks financial institutions face when conducting conventional business activities in cyberspace.”
AIG e-dorsement provides express coverage for losses due to covered wrongful acts that result from professional services performed on the Internet. Coverage is also provided for liability arising from communications through financial institution's Internet media, including allegations of libel, slander, product disparagement and trade libel resulting from the content a financial institution publishes on its web site.
Additionally, liability coverage is extended for losses that result when a financial institution transmits a computer virus that harms a customer or other third party.
Additionally, insureds have access to the services of the nation's leading defense firms specializing in technology and financial institutions litigation through the American International Companies' Technology and Financial Institutions Panel Counsels.
Coverage limits are available up to $25 million and are based on the financial institution's overall revenue and not Internet-generated revenue. Coverage is available worldwide. An internet security assessment is not a prerequisite of coverage.
For more information about the AIG e-dorsement, contact an insurance broker, a local American International Companies office or e-mail email@example.com.
AIG is the leading U.S.-based international insurance and financial services organization and the largest underwriter of commercial and industrial insurance in the United States. Its member companies write a wide range of commercial and personal and life insurance products through a variety of distribution channels in approximately 130 countries and jurisdictions throughout the world. AIG's global businesses also include financial services and asset management, including aircraft leasing, financial products, trading and market making, consumer finance, institutional, retail and direct investment fund asset management, real estate investment management, and retirement savings products. 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.