AIG launches new CorporateGuard – “future-proofing” Directors and Officers (D&O) from new risks with innovative covers

"In the current regulatory environment, Directors and Officers are facing increased political, regulatory and criminal scrutiny” says Philip Hobson, Africa Manager, Financial Lines, AIG South Africa. "What is novel here is the growing number of investigations of individuals due to whistle-blowing and self-reporting”. The new CorporateGuard, in turn, provides earlier protection by covering such pre-claim inquiries and individual target investigations.

"Further, D&O actions are becoming more ‘personal’ against individual corporate officers”, asserts Hobson "as regulators and shareholders are now looking for specific culprits to punish”. The new AIG CorporateGuard now comes to the defence of Directors by providing enhanced reputation coverage, as well as mitigation cover to settle potential civil actions.

As companies expand internationally, D&Os become exposed to new liabilities and unfamiliar corporate governance regimes. The new CorporateGuard provides Directors and Officers peace of mind by providing emergency funding to directors in case their property is confiscated or assets frozen and paying any individual director’s liability for unpaid corporate taxes. Localized D&O policies, as part of the AIG Passport program, ensure that one’s D&O coverage is tailored to local requirements and tap into AIG’s unrivalled international network.

Against a background of rising claims against D&Os, AIG will now provide unique "any one claim” reinstatement coverage for certain sectors and jurisdictions. This will ensure that directors and officers will benefit from AIG’s strengths and from the experience of its claims department for every unrelated claim.