AIG Launches World’s First Evergreen Management Insurance Policy in NZ
FOR IMMEDIATE RELEASE. AUCKLAND, New Zealand, 15 July 2013: AIG Insurance New Zealand Limited (AIG) is responding to New Zealand’s increasingly litigious business environment, launching the world’s first “Evergreen” management insurance policy, titled Gold Complete to the New Zealand market.
AIG’s Evergreen feature allows an insurance policy to automatically continue year after year without the requirement of a customary annual renewal process. The Evergreen feature not only removes the time consuming and often complicated process faced by businesses every year, but it also provides ongoing security for the client as their policy is locked in.
New Zealand Manager of Financial Lines for AIG, Ryan Clark says the concept has the potential to change the landscape of the New Zealand insurance industry.
“Traditionally, changes in a company’s risk, for example following an acquisition, restructure or a change in strategy, may spark a review of the related insurance terms.
“We can now offer a lifelong policy that will assist clients with preparing long-term business plans and budgets as well as removing the burden for executives that have had to complete unnecessary and cumbersome paperwork.”
Clients have the flexibility to request increased policy cover and limits at any time, and if either the client or insurer wishes to undergo a traditional renewal process, a twelve month notice period must be provided.
Gold Complete, the first Evergreen product from AIG has been designed for NZX-listed and large private corporations with revenue over $100 million. Clients can select up to twelve different product modules to create one single, management insurance policy that will address their unique requirements. Product module options include Directors’ & Officers’ (D&O) Liability, Prospectus Liability, Crime and Employment Practices Liability. The Evergreen feature enables clients to select the cover they require to suit all of their management insurance needs, bundle it into one policy with one premium, set of terms and contact person, and lock it in.
Cris Knell, CEO of AIG in New Zealand comments that in an increasingly litigious environment, organisations are seeking cost-effective and streamlined insurance solutions. “Gold Complete’s revolutionary Evergreen feature is the insurance management solution for forward-thinking corporations looking for efficient process as well as comprehensive protection,” says Mr Knell.
In addition to the Evergreen feature, the Gold Complete product has one set of unified terms and conditions regardless of the number of modules selected, reducing potential confusion for clients as well as a ‘difference in conditions’ clause to bridge any inadvertent gaps in cover with a client’s previous policy.
Mr Knell says this unified feature is particularly important for corporations who are facing increasing regulatory and political scrutiny, and shareholder activism in an uncertain global economic environment.
“We have closely considered the needs of corporations when it comes to management insurance. As well as the Evergreen feature, new to the New Zealand market is AIG’s Reinstatement of D&O insurance limit as an optional additional cover,” says Mr Clark. “This means that if a claim exhausts the D&O programme limit, and there are additional claims, the reinstatements will provide ongoing cover.
“In addition to assistance from AIG’s expert Claim team, Gold Complete includes additional benefits such as access to a broad range of top tier advisors who can provide PR, legal and risk management advice should the client find themselves facing litigation, or an event that could result in reputational damage to the client or directors.”
AIG is introducing Gold Complete via a series of educational seminars and networking events for insurance brokers in Auckland, Wellington and Christchurch this week.
The modules included in Gold Complete are; D&O Liability, Company Securities, Side A, Statutory Liability, Prospectus Liability, D&O Lifetime Run-Off, Kidnap, Ransom & Extortion, Superannuation Trustees Liability, Employment Practices Liability, Crisis Containment, Excess layer coverage and Comprehensive Crime.
For further information contact: Penny Hartill, Hartill Communications Ltd
09 445 7525, 021 721424, firstname.lastname@example.org
American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
Gold Complete is written in New Zealand by AIG Insurance New Zealand Limited. Coverage is subject to actual policy language and underwriter discretion. For additional information on AIG Insurance New Zealand Limited products and services, please visit our website http://www.aig.co.nz.
AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at http://www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all jurisdictions, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.