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:
- 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.