<< Back
AIG PRIVATE CLIENT GROUP ENHANCES ITS PRIVATE COLLECTIONS POLICY
PDF Version

NEW YORK--Nov. 29, 2006--AIG Private Client Group, a division of the personal lines property and casualty insurance subsidiaries of American International Group, Inc. (AIG), today announced enhancements to its private collections policy to help high net worth individuals better safeguard their valuables and collections.

AIG Private Client Group's private collections policy offers customized coverage to protect valuables such as fine art, jewelry, classic automobiles, antique furniture, wine and more.

The enhanced private collections policy reflects more accurately the diverse needs of today's collectors:

  • Coverage eligibility is broadened to include LLC's, trusts, corporations and other entities in addition to individuals
  • Jewelry values will automatically increase annually based on industry appreciation
  • Coverage is available for newly acquired items up to 25% of the class limit
  • Coverage is added for wine damage due to mechanical breakdown of a storage unit's climate control system
  • Artwork in the insured's care, custody and control is covered up to $1 million

The policy's original core features, such as worldwide coverage to facilitate travel with fine collectibles as well as purchases made abroad, remain intact.

"Anticipating the evolving coverage needs of our policyholders is the driving force behind our product innovations," says Katja Zigerlig, Collections Underwriting Manager, AIG Private Client Group. "As the art market continues to boom, our policyholders can rest assured that their burgeoning collections remain well protected."

AIG Private Client Group's enhanced private collections policy is currently available for new business in 41 states (current exceptions: AR, IL, LA, MA, NE, NY, OR, VA and VT).

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, automobile, private collections, excess flood, yacht, aviation, and kidnap and ransom. 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.

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 on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.

CONTACT:
AIG Private Client Group
Peter Tulupman, 212-770-3141
Public Relations Manager