Nuts & Bolts:
Lexington Ins. Co., a member company of American International Group, launched Outsourcing Protector, a new property insurance offering designed to help companies address the risks of domestic and overseas outsourcing. An endorsement to Lexington’s multi-peril property policy, it extends Lexington’s property coverage to business interruption losses and extra expenses incurred as the result of a fire or other covered causes of loss that occurs at the outsourcing vendors’ facilities. When an insured has purchased terrorism and/or cyber-related coverages in its property policy, the endorsement will indemnify such perils. Coverage may be expanded to include an insured’s business and personal property located at vendor locations, both foreign and domestic.
Dollars:
Premiums, deductibles and limits are underwritten on an individual account basis; however, the maximum limit for this cover is $10 million.
Carrier:
Lexington Insurance Company, rated “A+” (superior) by A.M. Best and “AA” by S&P, nonadmitted.
States Available:
All except Delaware.
Contact:
John Foreman (617) 330-8429 or outsourcingprotector@aig.com.
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