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May 27, 2013 (Sydney, Australia) – American International Group Australia (AIG) has launched the world’s first “Evergreen” management insurance policy, titled Gold Complete.
AIG’s Evergreen feature allows an insurance policy to automatically continue year after year without the requirement of a traditional annual renewal process. The Evergreen feature not only removes the time consuming and often complicated process faced by businesses every year, but it also provides security for the client that their policy is locked in.
Clients have the flexibility to request increased policy cover and limits at any time, and if either the client or insurer wishes to undergo a traditional renewal process, a twelve month notice period must be provided.
“AIG has listened to what brokers and clients want and introduced a concept that will change the landscape of the Australian insurance industry,” said Michael Pryce, Regional Manager of Financial Lines for AIG Australasia. “We can now offer a lifelong policy that will assist clients with preparing long-term business plans and budgets as well as removing the burden for executives that have had to complete unnecessary and cumbersome paperwork.”
Gold Complete, the first Evergreen product from AIG has been designed for ASX listed and large private corporations with revenue over $200 million. Clients can select up to twelve different product modules to create one single, management insurance policy that will address their unique requirements. Product module options include Crime, Employment Practices Liability and Directors’ & Officers’ Liability. The Evergreen feature enables clients to select the cover they require to suit all of their management insurance needs, bundle it into one policy with one premium, set of terms and contact person, and lock it in.
“In today’s corporate environment, organisations are constantly seeking cost-effective and streamlined processes and insurance needs to fit these criteria”, said Noel Condon, CEO of AIG Australia. “Gold Complete’s revolutionary Evergreen feature is the management insurance solution for forward-thinking corporations looking for efficient process as well as comprehensive protection.”
In addition to the Evergreen feature, the Gold Complete product has one set of unified terms and conditions regardless of the number of modules selected, reducing potential confusion for clients as well as inadvertent gaps in cover. This feature is particularly important for corporations who are facing increasing regulatory and political scrutiny, shareholder activismand an uncertain global economic environment.
“We have really considered corporations needs when it comes to management insurance. As well as the Evergreen feature, new to the Australian market is our ability to offer Unlimited Reinstatements of Directors’ & Officers’ insurance (D&O) as an optional additional cover,which means that if a claim exhausts the primary D&O limit, and there are additional claims,the reinstatements will provide ongoing cover,” said Pryce. “Furthermore AIG has included additional benefits such as a Claims protocol built into the policy wording, and access to our Claims team and a broad range of top tier advisors who can provide risk management advice regarding class actions.”
AIG launched Gold Complete via a series of educational seminars and networking events for insurance brokers across Australia from 14th – 21st May.
The modules included in Gold Complete are D&O Liability, Company Securities, Side A,Statutory Liability, Prospectus Liability, D&O Lifetime Run-Off, Kidnap, Ransom & Extortion,Superannuation Trustees Liability, Employment Practices Liability, Crisis, Excess and Comprehensive Crime.
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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. Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig |Twitter:@AIG_LatestNews | LinkedIn: http://www.linkedin.com/company/aig |
AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. Products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. (AIG). Not all products and services are available in every jurisdiction, and insurance coverage is governed by actual policy language. Certain products and services may be provided by independent third parties under contract with AIG or its subsidiaries or affiliates. Insurance products may be distributed through affiliated or unaffiliated entities.
This product is written in Australia by AIG Australia Limited, ABN 93 004 727 753 AFSL 381686. Coverage may not be available in all jurisdictions and is subject to actual policy language and underwriter discretion. For additional information on AIG Australia Limited products and services, please visit our website www.aig.com.au