|LEXINGTON INSURANCE INTRODUCES NEW WAREHOUSE LEGAL LIABILITY INSURANCE; NEW COVERAGE ENHANCES LEX TRANSPORTPLUS(SM), A SUITE OF POLICIES FOR LOGISTICS AND TRANSPORTATION INDUSTRIES|
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\NEW YORK, Jun 13, 2006 -- Lexington Insurance Company, a member company of American International Group, Inc. (AIG), today introduced Warehouse Legal Liability insurance, a new policy providing coverage for the warehousing, trucking and logistics industries.
The new policy addresses legal liability that may arise from the loss of property in the insured's custody*. Warehouse Legal Liability insurance can be purchased alone or as part of Lex TransportPlus, a product suite that includes motor cargo, vehicle physical damage, building personal property, business interruption, and other logistics-focused insurance coverages from Lexington and other AIG member companies. Defense costs are paid outside of the policy limits.
"The rapid evolution of the logistics business presents transportation operations with diverse exposures - including the risk of unexpected gaps in insurance programs," said Kevin Kelley, Chairman and Chief Executive Officer, Lexington Insurance Company. "Warehouse Legal Liability insurance, purchased in conjunction with the Lex TransportPlus suite of policies, enables companies to fill coverage gaps and obtain consistent, high quality insurance for their spectrum of property and inland marine exposures."
Included with Warehouse Legal Liability coverage, Lexington offers comprehensive loss prevention services to address fire protection and specialized security requirements for target commodities. In addition, Warehouse Legal Liability offers optional coverage to enable policyholders to tailor insurance for specific areas of exposure, including: inventory costs to validate a loss; uncollectible customer fees in conjunction with a covered loss; debris removal expenses; pollutant removal expenses; contract penalties; unexplained loss/ mysterious disappearance; employee theft; and cross-dock operations.
For more information on Warehouse Legal Liability Insurance or TransportPlus, please contact Steve Silverman, AVP and Product Line Manager for Lexington Insurance Company at (617) 330-8492 or Steve.Silverman@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 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.
American International Group, Inc.