|AIG PRIVATE CLIENT GROUP OFFERS EMPLOYMENT PRACTICES LIABILITY INSURANCE TO INDIVIDUALS EMPLOYING DOMESTIC HELP|
|NEW YORK, Jan 7, 2002 -- American International Group, Inc.
(AIG) has announced that AIG Private Client Group, a division of the American
International Companies, is offering employment practices liability coverage to
protect individuals against allegations of sexual harassment, wrongful
termination and discrimination made by nannies, housekeepers, gardeners,
personal assistants and other domestic help employed by the insured.(a)
While employment practices liability insurance, first introduced by the AIG member companies, has been an important coverage for businesses for many years, AIG Private Client Group is now pioneering the application of this coverage to address the employment practices exposures facing high net worth individuals.
The employment practices liability coverage is offered automatically to AIG Private Client Group excess liability policyholders. The policy provides coverage of up to $250,000 for settlements and judgements awarded as a result of employment-related allegations, as well as the full cost of defense. Coverage is provided for up to five employees, including part-time employees, working more than 15 hours a week. In addition to employment practices liability coverage, AIG Private Client Group excess liability policyholders also receive Employment CrisisFund(TM), which provides up to $25,000 to cover the fees of an approved public relations firm to help policyholders minimize damage to their reputation.
"According to the Bureau of Labor Statistics, there are nearly one million people employed in private residences across the United States. At the same time, new laws have been enacted protecting the rights of the employee, and employment-related complaints and jury awards have dramatically increased," said Ross Buchmueller, President, AIG Private Client Group. "AIG Private Client Group's unique employment practices liability program was designed specifically for employers of private help, especially high net worth individuals with significant personal assets at stake."
In addition to employment practice liability coverage, AIG Private Client Group offers families with private staff further protection through workers compensation insurance and access to pre-employment background checks.
AIG Private Client Group offers innovative insurance products and risk management services that enhance protection and minimize threats to the personal wealth and safety of high net worth clients and their families. AIG Private Client Group's insurance product offerings include automobile, homeowners, private collections, excess liability, kidnap and ransom, aviation and watercraft coverage. In addition to comprehensive portfolio products, AIG Private Client Group provides access to art collection management, security and residential services.
For more information, contact your local broker or visit AIG Private Client Group's website at www.aigpcg.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, 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.
(a) 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 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. Insurance is underwritten by member companies of American International Group, Inc. Non-insurance products may be provided through independent third parties.
CONTACT: Ned Burke, 212/770-3141