|AIG PRIVATE CLIENT GROUP EXPANDS EXCESS FLOOD COVERAGE|
NEW YORK--Oct. 27, 2003--AIG Private Client Group, a division of the property and casualty subsidiaries of American International Group, Inc. (AIG), has expanded its Excess Flood Program* to 17 additional states across the country, bringing the total to 32 states nationwide.
Since AIG Private Client Group first announced its roster of approved states in August, the product has also become available in Alabama, Arkansas, Colorado, Delaware, Idaho, Iowa, Kansas, Maryland, Massachusetts, Nevada, New Hampshire, South Dakota, Tennessee, Vermont, Washington, West Virginia and Wyoming.
Flood damage is generally excluded under homeowners policies, and basic coverage can be obtained through the National Flood Insurance Program (NFIP). But for the more than 400,000 U.S. homeowners residing in properties valued at $1 million or more(1), NFIP coverage alone (up to $250,000 for the dwelling and $100,000 for personal contents) may not be sufficient.
The AIG Private Client Group Excess Flood Program, which is specially designed to support high net worth insureds who own homes with replacement costs in excess of $1 million, provides high limits of capacity in the event of catastrophic loss caused by flood. The AIG Private Client Group Program follows the policy provided by the NFIP, offering replacement cost coverage up to the amount specified on the individual policy for dwelling coverage; contents of the dwelling are insured based on an Actual Cash Value basis.*
"We are pleased to roll-out an excess flood program in 17 new states so soon after announcing the launch of the product this summer," said Ross Buchmueller, President, AIG Private Client Group. "We have created a program that specifically supports rebuilding efforts for high-valued properties damaged by flood, and there is a clear need for adequate protection in the marketplace."
As an added benefit, concurrent causation issues can be alleviated when the AIG Private Client Group Excess Flood Program is coupled with a homeowners policy from an AIG member company. After a major storm, there may be confusion as to whether damage to a home is caused by wind, which is covered by homeowners insurance, or flood. If the same insurer is providing coverage for both wind and flood, clients are better able to ensure that coverage will be available.
In addition to the states detailed in today's announcement, the AIG Private Client Group Excess Flood Program is also available in Arizona, California, Florida, Georgia, Hawaii, Maine, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Texas, Virginia and Washington, DC.
AIG Private Client Group offers innovative insurance products and risk management services that enhance protection and help minimize threats to the personal wealth and safety of high net worth clients and their families. Insurance product offerings include automobile, homeowners, private collections, excess liability, excess flood, kidnap and ransom, aviation and yacht coverage. In addition to a comprehensive portfolio of products, AIG Private Client Group provides access to art collection management, security and residential services.
For more information, contact your local broker or visit the AIG Private Client Group Web site at www.aigpcg.com.
AIG is the world's leading international insurance and financial services organization, with operations in approximately 130 countries and jurisdictions. AIG member companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In the United States, AIG companies are the largest underwriters of commercial and industrial insurance and AIG American General is a top-ranked life insurer. AIG's global businesses also include financial services, retirement savings and asset management. AIG's financial services businesses include aircraft leasing, financial products, trading and market making. AIG's growing global consumer finance business is led in the United States by American General Finance. AIG also has one of the largest U.S. retirement savings businesses through AIG SunAmerica and AIG VALIC, and is a leader in asset management for the individual and institutional markets, with specialized investment management capabilities in equities, fixed income, alternative investments and real estate. AIG'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 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.
(1) U.S. Census Bureau, Census 2000 results
CONTACT: AIG, New York Andrew Silver, 212-770-3141 SOURCE: AIG