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Athletes among targets of AIG's new products.

A member company of American International Group Inc.--National Union Fire Insurance Co.--recently launched coverage for independent board members of mutual funds. Mutual Fund IDL Premier can be written either as a complement to an insured's existing directors and officers policy from an AIG member company, or in conjunction with other insurers' D&O offerings.

AIG reports it is offering the coverage because public and regulatory scrutiny, new rules and pending legislation are expected to increase both the responsibilities and potential liabilities of independent board members.

Mutual Fund IDL Premier provides primary coverage for claims--with no retention--when a mutual fund's standard D&O policy doesn't protect independent board members due to insurer rescission or an insured's breach of a "nonseverable" warranty in the application. Additional coverage highlights include excess nonindemnifiable coverage solely for independent directors and nonrescindable coverage for defense costs, settlements and judgments.

On the sports front, AIG Cos. rolled out its AIG Sports Risk Solutions insurance programs targeting youth and adult amateur athletic organizations. The program combines several insurance products into a consolidated offering, including general liability, sexual misconduct liability, accidental death and dismemberment, participant accident coverage and D&O liability coverages. General limits of liability are $1 million for each occurrence and $3 million aggregate, and insure against bodily injury, property damage and personal injury arising out of sponsored activities. D&O liability coverage has limits up to $5 million.

Property/Casualty Marketplace is compiled by Managing Editor Lynna Goch.
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Title Annotation:Marketplace; American International Group Inc.
Author:Goch, Lynna
Publication:Best's Review
Article Type:Brief Article
Geographic Code:1USA
Date:May 1, 2004
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