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Sydney – 8 July 2013 - AIG Private Client Group, a division of the Property and Casualty insurance subsidiaries of American International Group, Inc. (AIG), today announced the introduction of its Yacht Insurance product, a new offering from their Private Client Group for Australia.
AIG’s Yacht product, which has been available in other international markets including the United States, the United Arab Emirates, Hong Kong and the United Kingdom, is now available in Australia either as a standalone product for new clients, or as an optional extension of existing home and contents policies.
“We saw a significant opportunity with the introduction of a specialist yacht insurance solution to the Australian market, given so many high net worth clients want comprehensive cover across all of their assets including; home, jewellery, art, wine collections and of course watercraft,” said Neil Shackleton, Head of Private Client Group AIG Australia. “Combining cover in one bespoke portfolio has tremendous benefits for both client and broker including; exceptionally broad tailored protection,one key underwriting contact, and a single renewal date. This is backed by the high levels of personal claims service our clients and broking partners have come to expect.”
AIG’s Yacht policy provides world class coverage for all types of yacht and watercraft risks including, no automatic deduction for depreciation on the value of a client’s yacht. Additional product features include the capability to provide worldwide property and liability coverage, large limit coverage capacity and access to AIG Private Client Group's concierge level claim services.
“Insurance needs vary considerably across different types of vessels. A super yacht should not be assessed in the same way as a family cruiser. Our clients may own either, both, or anything in between, so in our yacht practice we consult with our customers to provide the best coverage to meet their needs,” said Chris Lotz, Regional Private Client Group Yacht Underwriter – AIG APAC. “Our yacht practice is run by seasoned professionals with a deep knowledge of the marine industry. From the underwriting of the policy, to the support offered in the event of a claim, the needs of each client are handled by experts who share a love for being on the water.”
AIG Private Client Group can provide flexible, customised protection, augmented with distinctive services including loss prevention consultations at the home of the client, art collection management and unparalleled personal attention at claim time.
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American International Group, Inc. (AIG) is a leading international insurance organisation serving customers in more than 130 countries. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
Coverage for all PCG Insurance Products in Australia is provided by AIG Australia Ltd (ABN 93004 727 753 AFSL 381 686). Cover is subject to terms. Please review the Product Disclosure Statement to see if the products are suitable for you.