AIG Excess Casualty, a division of the property and casualty subsidiaries of American International Group Inc. (AIG), has introduced AIG ExcessPrime, a $25 million commercial liability program that provides insureds with additional excess limits.
AIG ExcessPrime is designed to sit in excess of $50 million lead commercial umbrella insurance. To qualify for AIG ExcessPrime, an AIG member company must currently underwrite the existing lead commercial umbrella layer. The program offers Occurrence and Claims Made forms to provide substantial flexibility to risk managers who need a variety of coverage options.
“There is clearly a lack of qualified, viable capacity in the excess market, leaving insurance buyers with few options to secure excess limits backed by a fiscally-sound carrier,” said David Perez, president, AIG Excess Casualty. “AIG ExcessPrime fills this void, and gives risk managers who are concerned about insurer financial security and claims-paying ability a new choice to consider as they build a strong tower of insurance coverage.”
The AIG ExcessPrime initiative features a streamlined quoting process for current AIG clients. When an insured submits an application for lead umbrella coverage, the AIG Excess Casualty underwriting team will automatically provide a quote for AIG ExcessPrime, eliminating the need to submit multiple applications for various coverages.
Insureds will also reportedly benefit from the AIG Companies’ extensive underwriting expertise on both lead and excess lines, with the standards typically seen within the lead layers now applied to excess coverage requests.
To learn more about AIG ExcessPrime, contact Melena Ortega, AIG Excess Casualty, at Melena.Ortega@aig.com.