|AIG'S AMERICAN INTERNATIONAL COMPANIES TO OFFER MANAGEMENT AND PROFESSIONAL LIABILITY INSURANCE PROGRAM FOR FAMILY OFFICE PROFESSIONAL SERVICE PROVIDERS|
NEW YORK, July 13, 1998 - American International Group, Inc. (AIG) has announced that the American International Companies have introduced a management and professional liability insurance program for family offices.* Family offices are established to handle the financial, philanthropic, legal and administrative operations of high-net-worth families.|
The Family Office/Wealth Management Insurance program is a menu-driven form which allows family offices to tailor their insurance program to their specific needs. Policies may be customized for a wide range of services, including investment/financial advising, bookkeeping services, debt collection services, property management, tax preparation services, trustee services and others.
The program provides Professional Liability coverage for claims alleging errors and omissions in managing a client's assets and financial affairs. Additionally, insureds may choose Directors & Officers and Private Company Liability coverage and Employment Practices Liability coverage.
The program also offers other features including split retention/limit options, marital/heir estates extension, advancement of defense costs in excess of applicable retention amount, reduced retention for certain settlements and worldwide territory coverage.
Limits of liability are available up to $10 million.
For more information about The Family Office/Wealth Management Insurance program, call 201/309-1143 or http://access.aig.com.
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.