AIG to protect anti-terrorism products, technologies.
American International Group has introduced a new set of policies
designed to cover companies that develop and sell anti-terrorism
products and technologies under the Support Anti-Terrorism By Fostering
Effective Technologies Act of 2002.
The act is designed to encourage innovation by limiting
companies' liability should their products fail in a terrorism
attack. To be eligible, companies must be certified by the Department of
Homeland Security. Under AIG's Safety Act Homeland Protector,
coverage is available with limits of up to $25 million and is activated
only when a terrorist act occurs.
The SAFETY Act, which was signed into law as part of the Homeland
Security Act of 2002, is intended to limit specific companies'
overall liability. The act could apply to businesses ranging in size
from one or two employees to billion-dollar defense contractors.
COPYRIGHT 2004 A.M. Best Company, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2004, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion