|AIG AVIATION, INC. EXPANDS INSURANCE OFFERINGS TO MEET NEW EUROPEAN UNION AVIATION LIABILITY REQUIREMENTS|
NEW YORK--April 18, 2005--AIG Aviation, Inc., a member company of American International Group, Inc. (AIG), today announced the launch of Excess Aviation War Liability coverage. The new product, an extension of AIG Aviation's insurance portfolio, is designed to help corporate flight departments and owners of private aircraft meet the new minimum liability requirements mandated by insurance regulators in the European Union.
AIG Aviation's Excess Aviation War Liability coverage is structured to apply in excess of a $50 million primary aviation liability policy and complement a corporate umbrella placement to eliminate potential gaps in an insured's available war liability coverage. The new program, which features limits up to $300 million and will respond to covered losses on an occurrence basis, can be used to support either an AIG Aviation primary liability policy or existing primary coverages purchased through carriers outside of the member companies of AIG. Covered risks include war and terrorism acts such as aircraft confiscation, sabotage, hijacking, unlawful seizure and civil commotion.*
"As insurance requirements change around the world, AIG Aviation will continue to offer the coverages that help corporate flight departments and owners of private aircraft secure the insurance protection they need," said Steve Blakey, President, AIG Aviation, Inc. "To this end, the launch of the Excess Aviation War Liability coverage is designed to help corporate Risk Managers and owners of private aircraft proactively address the new European Union requirements, before the regulation takes effect at the end of April. With limits of up to $300 million for Excess Aviation War Liability, AIG Aviation is well positioned to address a broad range of risks, encompassed by the new liability requirements that vary according to an aircraft's maximum take-off weight."
Available internationally, AIG Aviation's Excess Aviation War Liability coverage can be purchased through any independent insurance broker appointed with AIG Aviation. To send a submission, locate an appointed broker or obtain more information on AIG Aviation and the new program, please contact Kyle Sparks, Senior Vice President, AIG Aviation, Inc., at 1-800-554-8420 or firstname.lastname@example.org.
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 in the U.S. on the New York Stock Exchange and ArcaEx, 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.