American International Group announced that a number of its operating companies have enhanced their Directors, Officers and Corporate Liability insurance coverage to include Business Travel Accident Insurance and Travel Assistance Services.
Although AIG indicated that coverage might not be available everywhere and that certain restrictions applied, it noted that there was a genuine need to protect top company management from the hazards often encountered on global business trips.
“This endorsement furthers our commitment to provide timely and vital coverage that responds to the risks facing directors and officers, while enabling companies to give their directors and corporate officers extensive travel accident insurance, for travel on company business,” stated John Keogh, AIG VP for Domestic General Insurance and President of National Union Fire Insurance Company. He added that it would be of special interest to members of a company’s board of directors, “who may not have adequate business travel insurance as part of their employee benefit package.”
AIG’s bulletin described the general outlines of “The Business Travel Accident endorsement” as paying benefits” in the event of an accident when an insured director or corporate officer is traveling to or from a company business meeting, or when they are at the business meeting itself.” It also indicated that the endorsement can be expanded “to cover accidents that can occur at any time, during business or pleasure travel.”
“The coverage provides benefits of up to $250,000 per person, up to an aggregate limit of $2.5 million. Benefits, which are provided in addition to any workers’ compensation or other insurance benefits, are paid directly to the insured director or officer, or their designated beneficiary,” said the bulletin.
It also provides access to AIG’s “Assist Travel Assistance Services,” which make comprehensive emergency, legal, medical and pre-trip or en-route assistance services available to policyholders. The service also helps with “lost baggage/passports, insurance coordination, medical and legal referrals, evacuation and repatriation services, emergency cash and emergency messaging.
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