AMERICAN INTERNATIONAL GROUP INTRODUCES INNOVATIVE 'ENVIRONMENTAL PROTECTION PROGRAM'
AMERICAN INTERNATIONAL GROUP INTRODUCES INNOVATIVE 'ENVIRONMENTAL PROTECTION PROGRAM' NEW YORK, June 4 /PRNewswire/ -- Two units of American International Group, Inc. (AIG) (NYSE: AIG) have introduced the "Environmental Protection Program" (EPP), that for the first time combines traditional pollution liability insurance with self-funding components for both on- and off-site cleanup. This innovative program has been developed by Commerce and Industry Insurance Company (C&I), AIG's primary environmental insurance company, in conjunction with AIG Risk Management, Inc. (AIGRM). EPP expands the site-specific nature of traditional environmental insurance coverage to include the broader all-risk approach of a funded product. Specialized environmental engineering and claims service are important components of EPP, creating between insurer and insured an environmental risk management team. Through this joint approach, the parties share incentives to control environmental risks. "We believe the Environmental Protection Program is the most exciting new pollution product since the first Environmental Impairment Liability (EIL) Policy in 1979," commented Walter Mooney, president of C&I. "It represents an environmental risk management approach flexible and broad enough to meet the full range of liabilities and risks faced by companies with significant pollution exposures. Combined with our increased pollution capacity of $40 million which we recently announced, AIG companies now offer the first pollution product that addresses the full needs of large insureds whose previous options had included only limited EIL products." AIG is the leading U.S.-based international insurance organization and the largest underwriter of commercial and industrial insurance in the United States. Its member companies write property, casualty, marine, life and financial services insurance in approximately 130 countries and jurisdictions, and are engaged in a range of financial services businesses. American International Group, Inc.'s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo. -0- 6/4/92 /CONTACT: Joe Norton of American International Group, 212-770-3144/ (AIG) CO: American International Group, Inc. ST: New York IN: INS SU: PDT
PS -- NY004 -- 6855 06/04/92 08:00 EDT
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|Date:||Jun 4, 1992|
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