AIG Companies Launch Product and Professional Liability Coverages for Companies Developing Homeland Security Products And Technologies:
NEW YORK--(BUSINESS WIRE)--March 15, 2004--The AIG Companies today introduced SAFETY Act Homeland Protector(SM), a new set of product and professional liability coverages designed for companies developing and selling anti-terrorism products and technologies in accordance with the Support Anti-Terrorism By Fostering Effective Technologies Act of 2002 ('SAFETY Act').
The SAFETY Act Homeland Protector program insures companies against the product and/or professional liabilities that can arise when a product or technology certified by the Department of Homeland Security is deployed to defend against, respond to, or recover from a terrorist attack. Coverage is available with limits of liability up to $25 million. Consistent with the protections afforded to companies under the SAFETY Act, coverage is activated only when an act of terrorism has occurred.*
'It is important for companies developing anti-terrorism products and technologies to be innovative in order to effectively protect the nation from terror threats,' said Kevin Kelley, Chairman and Chief Executive Officer of Lexington Insurance Company, a member company of American International Group, Inc. 'With the protection offered by SAFETY Act Homeland Protector coverage, insureds can establish a sound strategy for managing product and professional liability risks, which ultimately allows them to focus on developing innovative solutions for our nation's security issues.'
SAFETY Act Homeland Protector coverage also includes a referral service to legal experts who will guide insureds through the application process for legal protection provided by the SAFETY Act, under the administration of the Department of Homeland Security.
Developed by the AIG Companies in conjunction with AIG Corporate Product Development, SAFETY Act Homeland Protector is currently available in the United States through brokers. For more information, please contact Wanda Johnson, Vice President, Specialty Casualty at 617-443-4614, or SafetyAct@aig.com."
We have contacted AIG to find out more about these new products and will be reporting back in due course.