|AIG PRIVATE CLIENT GROUP ADDS FLOOD COVERAGE TO HOMEOWNERS POLICIES|
NEW YORK--Nov. 15, 2004--AIG Private Client Group, a division of the property and casualty insurance subsidiaries of American International Group, Inc. (AIG), today announced the beginning of a national roll-out that adds flood coverage to eligible homeowners policies.(a) The first states in which the coverage enhancement has been implemented are Colorado, Illinois and Massachusetts.
Flooding is one of the most significant causes of loss for homeowners. With today's roll-out, AIG Private Client Group will provide flood coverage to properties located in low- to moderate-risk areas -- the government-designated B, C and X flood zones. Coverage includes payment for damage to basement finishes and settlement for losses on a replacement cost basis. Furthermore, the new program allows for reimbursement of additional living expenses and responds to a single-location event.
"Last year we created an excess flood program that is written in conjunction with homeowners policies," said Ross Buchmueller, President, AIG Private Client Group. "The feedback from our brokers reinforced that the risk of flood is a significant concern for our policyholders. It is our responsibility to continue to develop bold, new solutions, particularly ones that close critical gaps in coverage."
The National Flood Insurance Program (NFIP) was created in 1968 to respond to the rising cost of taxpayer-funded disaster relief for flood victims. Some lenders mandate the purchase of NFIP coverage in high-risk areas that are designated as A or V flood zones. For those in low- to moderate-risk areas -- the B, C and X flood zones -- the NFIP developed a preferred program with a simplified rating plan. Despite these efforts, very few residents have purchased flood insurance.
AIG Private Client Group provides comprehensive insurance products and services to help meet the unique risk management needs of high net worth individuals and their families. Its innovative products are underwritten by the member companies of American International Group, Inc., and are designed to enhance protection of, and minimize threats to, personal wealth and safety. AIG Private Client Group's portfolio of insurance products includes excess liability, homeowners, excess flood, automobile, private collections, kidnap and ransom, aviation and yacht coverage. In addition to its products, AIG Private Client Group offers an extensive range of risk management services that includes loss-prevention expertise for owners of fine homes, management of art collections and personal security consultation.
For more information, contact your local broker or visit the AIG Private Client Group Web site at www.aigpcg.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.
(a) 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.