Products April 9, 2007

AIG Releases Group Excess Liability Insurance Program

AIG Private Client Group has rolled out a new insurance program designed to help protect the personal assets of highly compensated individuals.
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The admitted Group Excess Liability insurance program, offered by the division of the personal lines property and casualty insurance subsidiaries of American International Group, Inc. (AIG), is designed to help protect the personal assets of those individuals at corporations, law and investment firms, family offices and other organizations with a concentration of high-net-worth members. Its admitted status can benefit policyholders with cost savings and facilitate policy administration for agents and brokers, according to a press release.

AIG Private Client Group’s Group Excess Liability coverage includes:

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  • Up to $2 million in errors and omissions (E&O) coverage for the sponsoring organization to protect against administrative related claims.
  • Worldwide protection for personal injury, including libel and slander, and property damage that encompasses an unlimited number of owned and non-owned vehicles, homes and watercraft up to 99 feet long.
  • Coverage limits up to $50 million.
  • Excess Under/Uninsured Motorist coverage up to $5,000,000.
  • Flexible defense coverage that allows individuals to select defense counsel from the AIG companies’ panel of preeminent firms

“Insufficient liability insurance can put personal assets at risk,” said Charles Williamson, President, AIG Private Client Group. “By packaging the coverage as an executive benefit, we also help employers and association leaders to look after the leaders of their organizations.’

AIG Private Client Group’s admitted Group Excess Liability insurance is currently available to qualifying organizations in Arizona, Colorado, Pennsylvania, Michigan and New Jersey. A non-admitted Group Excess program is available in all other U.S. states.

Products April 9, 2007

Individual Retirement Advice Tool Launched

Still River Retirement Planning Software Inc. has released a retirement planning tool for individuals who are approaching retirement or already retired that provides advice based on a wide range of financial and non-financial information
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The software, RetirementWORKS for YOU, uses the information supplied by individuals to identify specific concerns that apply to the individual’s household. It then recommends what actions an individual should take and evaluates the long-term adequacy of the user’s financial position, a press announcement said.

Specific questions answered for RetirementWORKS for YOU users include:

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  • Can I afford to retire when I want to?
  • When should I sign up for Social Security benefits?
  • What should I be doing about health coverage and long-term care insurance?
  • Can I afford to stay in my home, or should I consider selling and downsizing?
  • If I stay in my home, should I pay off my mortgage, or tap into the equity?
  • Do I need more life insurance, or should I reduce the amount I already have?
  • Which of my assets should I liquidate first?
  • Do I have the right legal documents in case I die or become incapacitated?
  • What should I do to provide for my kids or a special needs relative who might survive me?
  • Would an annuity help me meet my financial goals?
  • What should I do about my pensions?

The cost for the software is $250 per family for the first year. More information can be found at www.StillRiverRetire.com/RW2/RW24U.asp.

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