American International Group on Wednesday announced the launch of a new line of multinational commercial property products and services for midsize businesses confronting global risk exposures, including expanded coverage, loss prevention engineering and risk management solutions.
AIG’s Property Performance Series provides comprehensive commercial property solutions for midsize businesses in Australia, Canada, Europe, South Africa and the United States, according to a company statement. AIG says it plans to expand the policy offering to businesses in other countries later in 2014.
The Property Performance Policy is an all-risk property damage and business interruption policy that can offer a company coverage for all operating locations and property exposures. AIG’s single, concise policy form can include environmental cleanup, equipment breakdown, crisis management and cyber coverage, with additional property coverage extensions available.
The policy also offers optimized business income coverage that allows clients to choose settlement on either a gross profits or gross earnings basis after a loss, whichever results in a greater loss calculation.
As part of the new Property Performance Series, AIG also is scheduled to roll out several industry-focused policy forms tailored to provide coverage enhancements for clients in different industry segments, including healthcare, higher education, manufacturing, real estate and retail.
Source: American International Group