Insurer unveils revamped D & O cover

Insurer unveils revamped D & O cover | Insurance Business

Insurer unveils revamped D & O cover
AIG has announced the release of its broadest offering of Directors and Officers (D & O) insurance to date.

The launch of Gold Complete 2014 follows extensive analysis conducted by the company over the last three years to review the claims environment facing Australian businesses and their directors and officers.

Liliana Uhrik, Australasian financial institutions manager for AIG Financial Lines, revealed that the global financial crisis and the increased scrutiny faced by financial instituions brought about the comprehensive changes.

“After discussion with our financial institution clients and their advisers, and in light of our extensive analysis, we recognised that financial institutions now, more than ever, need comprehensive insurance to attract, retain and protect their business leaders.

“In the wake of the deluge of claims arising from the Global Financial Crisis, the Australian insurance market has been reticent to provide the breadth of cover required in this difficult legal environment for this sector.”

“We see this offering as recognition of these needs, and the importance that Directors’ & Officers’ liability insurance plays in supporting Australian financial institutions, and we are delighted that today, AIG can proudly extend this tailored version of our market-leading Gold Complete product suite to these clients.”

Gold Complete, which is available immediately for both commercial and financial institutions, also offers a broad form of kidnap, ransom and extortion insurance.

“Extortion is becoming a more common and sophisticated crime against high profile targets across Asia Pacific, particularly executives of financial institutions and their families,” said Michael Pryce, Australasian regional financial lines manager.

“We believe that being able to offer this market an innovative solution that goes beyond simply meeting the financial burden of a kidnap, ransom or extortion event and provides the services of leading specialist response consultants will provide peace of mind like no other offer.”