NEW YORK--(BUSINESS WIRE)--Jan. 29, 2015--
American International Group, Inc.’s (AIG) Commercial Insurance division
today announced the introduction of Celebrity Product RecallResponse®, a
new insurance product designed to help customers respond to risks from a
celebrity endorser's public fall from grace, scandal, or unexpected
death.
Provided through AIG’s Lexington Insurance Company, the largest domestic
excess and surplus lines carrier in the U.S., Celebrity Product
RecallResponse covers certain costs incurred by companies to recall
product(s) bearing a celebrity endorser’s name and image. The insurance
is triggered by significant news media coverage of an endorser’s actual
or alleged criminal act or other distasteful conduct that results in (or
is likely to result in) public contempt for the individual and a
significant adverse impact on a company’s product.
Coverage includes costs associated with removing products and packaging
from the marketplace, including their transportation, disposal, or
destruction. The coverage also reimburses companies for the removal of
marketing and advertising materials bearing the celebrity's image.
"Celebrity Product RecallResponse was developed expressly to address
exposures companies take on when they associate with well-known
individuals to promote their brands,” said Jeremy Johnson, President and
CEO of Lexington Insurance Company. “In this age of social media and
instant news, reports of indiscretions by celebrities or high profile
athletes can spread worldwide instantly, with swift, adverse
implications for products or brands associated with the individual.”
Available with standalone policy limits up to $5 million, or by
endorsement with limits up to $1 million, the coverage is designed to
provide protection for companies of many sizes, including start-ups,
small and mid-sized businesses that are engaging a celebrity endorser.
Customers also have access to AIG's RiskTool Advantage® to help them
assess exposure and prepare and execute a recall plan.
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.
Additional information about AIG can be found at www.aig.com
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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 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 countries, 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.
Source: American International Group, Inc.
American International Group, Inc.
Media:
Matt Gallagher,
212-458-3247
matthew.gallagher2@aig.com
or
Investors:
Liz
Werner, 212-770-7074
elizabeth.werner@aig.com