|LEXINGTON INSURANCE COMPANY LAUNCHES TRANSPORTPLUS, A NEW SUITE OF POLICIES FOR MOTOR CARRIERS; MOTOR TRUCK CARGO, WITH NEW OPTIONAL EMPLOYEE THEFT COVERAGE AVAILABLE AND VEHICLE PHYSICAL DAMAGE|
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NEW YORK--Oct. 14, 2005--Lexington Insurance Company, a member company of American International Group, Inc., today introduced Lex TransportPlus, a new product suite encompassing two policies - Motor Truck Cargo and Vehicle Physical Damage insurance -- combined with additional property coverages needed by motor carriers. The two policies offer broad, flexible coverage for motor carriers and are available together with a single aggregate deductible and limit or on a standalone basis with a variety of optional enhancements that address key industry exposures, including employee theft.
Today, cargo theft is a $10-to-$15 billion criminal enterprise, with motor carriers experiencing 85% of all cargo theft, according to the National Cargo Security Council, a coalition of public and private transportation organizations.
Motor Truck Cargo insurance covers the legal obligations of both common and contract carriers with revenues. Scheduling of individual vehicles or operators under the cargo policy is not required, and coverage can be tailored for motor carriers hauling virtually any type of commodity. Lexington provides unique loss control services that can facilitate policyholders' access to cargo tracking and monitoring technology used to mitigate theft-related losses. Additionally, Lexington has retained security specialists to evaluate and recommend additional precautions to prevent losses.
"Cargo theft is a multi billion-dollar problem for the transportation companies, which in the past have had difficulty securing employee theft insurance coverage," said Kevin Kelley, Chairman and Chief Executive Officer of Lexington Insurance Company. "With the employee theft coverage endorsement available within our Motor Truck Cargo insurance policy, motor carriers can satisfy a major concern of their customers - the shippers, who more frequently require proof of such insurance."
In addition to employee theft, other optional coverage endorsements within the Motor Truck Cargo policy address contract penalties, expediting expenses, moving equipment, on- and off-board electronics, on-board expendable supplies, contingent cargo and reward expenses for costs leading to the successful return of stolen property.
Vehicle Physical Damage insurance is designed to meet the needs of scheduled owned vehicles of most types of over-the-road vehicles, including school, commuter and tour buses; police, fire and rescue vehicles; cherry pickers; ready-mix units and dump trucks. A wide range of available coverage options include specified perils and collision, and coverage can be extended to include temporary transportation rental expenses and temporary replacement vehicle physical damage. Optional additional limits are available for towing, storage and debris removal expenses.
Lexington has been underwriting insurance for the transportation industry for nearly 30 years. In addition to Motor Truck Cargo and Vehicle Physical Damage insurance, Lexington and other AIG member companies provide numerous other coverages for this sector, including Building, Personal Property, and Business Interruption insurance, as well as Warehouse Legal Liability insurance.
For more information on Motor Truck Cargo or Vehicle Physical Damage insurance, please contact Steve Silverman, Assistant Vice President, Lexington Property, at (617) 330-8492 or e-mail LexProperty@aig.com.
American International Group, Inc. (AIG), world leaders in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. 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. Coverage may not be available in all states. Non-insurance products may be provided through independent third parties.