AIG extends terrorism coverage.Lexington Insurance Co., a member company of American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. Inc., is offering a new property terrorism endorsement that provides coverage for losses incurred when a civil or military order related to a terrorist act or threat impedes business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets . The OpShield endorsement offers a maximum aggregate of $25 million as a sublimit sub·lim·it n. A limit or ceiling placed on a subdivision of a larger category, especially of nuclear weapons: negotiating sublimits on the number of land-based, intermediate-range missiles. to the property terrorism policy. Coverage is triggered when a civil or military order takes effect within a specified distance around the insured's business, and may be extended to respond when an order is issued for certain areas surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. nonowned locations, such as shipping ports or railways. The endorsement can he extended to include coverage for the operational impact on an insured's business when a civil or military order impedes its ability to work with third-party business relationships such as suppliers or vendors. Additionally, OpShield can be written to cover terrorist attacks or threats involving use of biological and chemical agents at locations owned, operated, or specified as "dependent" by the insured. OpShield is the newest addition to Lexington's Homeland Protector protector /pro·tec·tor/ (-tek´ter) a substance in a catalyst that prolongs the rate of activity in the latter. , a portfolio of property/casualty insurance products and services that address terrorism and homeland security-related exposures. |
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