Tue, Apr 19, 2005
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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