AIG Unveils New Policy

September 19, 2002

American International Group Inc. (AIG) has unveiled Independent Directors Liability Insurance, a standalone policy designed to protect the personal assets of independent directors in case corporate wrongdoing prevents them from being covered by traditional directors-and-officers liability insurance. AIG said IDL Premier provides non-rescindable coverage for independent directors only.

The company reports limits of liability, which are available up to $25 million, aren't shared with inside directors and officers or the corporate entity.

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IDL Premier provides coverage if the primary and excess directors and officers policies do not respond as the result of a decision, when a claim is excluded, or the breach of a non-severable warranty.