|AIG COMPANIES LAUNCH LEXHOMELAND PROTECTOR, A NEW TERRORISM INSURANCE PORTFOLIO FEATURING A BIOCHEMICAL ATTACK ENDORSEMENT|
NEW YORK--Nov. 4, 2004--The AIG Companies today launched LexHomeland Protector(SM), a comprehensive terrorism insurance portfolio designed to help protect businesses against terrorism risks, including losses arising from biological and chemical attacks. The portfolio introduces LexBioChem Shield(SM), a new biochemical terrorism endorsement available to customers purchasing property terrorism coverage from the member companies of AIG, either on a property terrorism standalone basis or within a property policy.
"With many new risks and uncertainties emerging since 9/11, businesses nationwide are recognizing the need to protect their organizations against the threat of terrorism," said Kevin Kelley, Chairman and Chief Executive Officer of Lexington Insurance Company. "LexHomeland Protector sets a new standard in addressing these exposures with landmark coverage for biological and chemical attacks. The AIG Companies have been at the forefront of developing products to address terrorism risk and this new product suite reflects our commitment to helping commercial insureds protect their assets from current and evolving terrorism risks."
LexBioChem Shield(SM), a biochemical terrorism endorsement, covers clean-up and business interruption expenses arising from a biological or chemical attack committed domestically by U.S. or non-U.S. citizens. Limits up to $10 million are available. LexBioChem Shield also offers a "prevention of re-occupancy" provision covering the full amount of an insured property's value, subject to the policy sublimit, when civil authorities do not allow the insured to re-occupy the property post-remediation.
In addition to LexBioChem Shield, LexHomeland Protector offers terrorism coverage for property and casualty risks far broader than the requirements under the Terrorism Risk Insurance Act, including:*
The LexHomeland Protector portfolio is the core offering of the new Lexington Homeland Security Practice within the AIG Companies. The Practice is directed by Dr. Charles Benda, Ph.D., Senior Vice President of AIG Consultants, Inc., who brings more than 13 years of insurance project management, product development and strategy creation and implementation experience to the initiative.
For more information on the LexHomeland Protector portfolio, please contact Charles Benda, Practice Leader - Lexington Homeland Security Practice, at (212) 770-3745 or e-mail HomelandProtector@aig.com.
American International Group, Inc. (AIG) is the world's leading international insurance and financial services organization, with operations in more than 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 retirement services, financial services 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 services 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.
* Insurance is underwritten by member companies of American International Group, Inc., and is subject to underwriting review and approval. The description herein is a summary only. It does not include all terms, conditions and exclusions of the policies described. Please refer to the actual policies for complete details of coverage and exclusions. Coverage may not be available in all states. Non-insurance products may be provided through independent third parties.