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AIG announces new global commercial property coverage and services for the mid market

20 June 2014 AIG

With more middle market companies seeking opportunities overseas, the American International Group, Inc. (AIG) insurers today announced the launch of a new line of multinational commercial property products and services, including expanded coverage, loss prevention engineering, and risk management solutions, for mid-sized businesses confronting global risk exposures.

AIG’s Property Performance Series provides comprehensive commercial property solutions for mid-sized businesses in Australia, Canada, Europe, South Africa and the United States. The company plans to continue to expand the policy offering to businesses in other countries later in 2014.

The Property Performance Policy is an easy-to-navigate, all-risk property damage and business interruption policy that can offer a company cover for all operating locations and property exposures. AIG’s single, concise policy form can include environmental clean-up, equipment breakdown, crisis management, and cyber, with additional property coverage extensions available.

“Middle market companies are shifting their focus from deep cost cuts to strategic opportunities for growth, including global expansion,” says George Stratts, President, Global Property, AIG. “With the Property Performance Series, AIG is meeting the needs of our middle market customers wherever they go.”

The policy also offers Optimized Business Income coverage, which provides clients the flexibility of choosing settlement on either a gross profits or gross earnings basis after a loss, whichever results in a greater loss calculation.

“The complexities facing middle market companies operating globally do not have to extend to insurance,” says Carol Barton, Head of Product Strategy, Global Property, AIG. “Our offering is designed to help clients maintain their business continuity by providing outstanding coverage and contract certainty, as well as services modeled on those provided to the largest multinational organizations.”

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.

AIG’s middle market offering, combined with its Large Limits, U.S. Excess and Surplus Lines coverage, and Small to Medium Size Enterprise capabilities, enables brokers to access broad coverage and market-leading capacity for clients of every type.

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