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Tue, Apr 19, 2005

AIG Expands To Meet New EU Aviation Liability Requirements

Excess Aviation War Liability Coverage Supplements Regular Coverage

AIG Monday launched what it calls "Excess Aviation War Liability coverage." The new coverage is designed to help corporate flight departments and owners of private aircraft meet the new minimum liability requirements mandated by insurance regulators in the European Union, according to an AIG statement.

Excess Aviation War Liability coverage is structured to apply in excess of a $50 million primary aviation liability policy and complement a corporate umbrella placement to eliminate potential gaps in an insured's available war liability coverage. The new program, which features limits up to $300 million and will respond to covered losses on an occurrence basis, can be used to support either an AIG Aviation primary liability policy or existing primary coverages purchased through carriers outside of the member companies of AIG. Covered risks include war and terrorism acts such as aircraft confiscation, sabotage, hijacking, unlawful seizure and civil commotion.

"As insurance requirements change around the world, AIG Aviation will continue to offer the coverages that help corporate flight departments and owners of private aircraft secure the insurance protection they need," said Steve Blakey, President, AIG Aviation, Inc. "To this end, the launch of the Excess Aviation War Liability coverage is designed to help corporate Risk Managers and owners of private aircraft proactively address the new European Union requirements, before the regulation takes effect at the end of April. With limits of up to $300 million for Excess Aviation War Liability, AIG Aviation is well positioned to address a broad range of risks, encompassed by the new liability requirements that vary according to an aircraft's maximum take-off weight."



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