Industry titan AIG
will launch a new insurance solution for executives that will cover costs associated with the impending departure of the UK from the European Union.
The Brexit insurance product, which will be introduced this week, is an add-on to AIG
’s directors and officers liability coverage, the Financial Times
According to the report, the product is intended for European executives in the UK and their British counterparts who are based in the continent.
With the latest insurance add-on, AIG
will cover the costs of a legal challenge if EU nationals’ applications for UK residency are rejected.
The insurer will also shoulder the legal costs of a challenge to a repatriation order. It will also pay for repatriation expenses if the challenge fails.
Anthony Baldwin, AIG
’s chief executive for the UK and European businesses, said that the product aims to calm customers amid market uncertainties due to the Brexit move.
“While the outcome of the discussions between the UK and the EU are unknown, this addition to existing cover, which will be implemented at no additional cost, will give our clients peace of mind during a period of potential change,” the Financial Times
quoted Baldwin as saying.
noted that some European expats are already pursuing permanent residency in Britain to ensure their employment there after Brexit.
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