American International Companies Unveils Program for Construction, Power Facilities

March 26, 2002

American International Group, Inc. (AIG) announced that the American International Companies has introduced AIG PowerBuild(SM), which provides a comprehensive package of insurance products and services designed for the construction and operational phases of power generation facilities.

“The demand for new power plant construction has become greater and will continue to grow because of deregulation, growing population and increasing consumption,” Louis Iglesias, President of the Construction Risk Management Division of AIG Risk Management, Inc., said. “Through AIG Powerbuild, the broad product options available from the AIG member companies offer risk managers and brokers a single, efficient, specialized resource for their entire range of power generation risk management needs- from blue print to build-out to ongoing operation.”

Coverages offered as part of AIG PowerBuild include construction wrap-up (including workers’ compensation, general liability, and auto liability), umbrella excess, builder’s risk/property, environmental, professional liability and surety. The builder’s risk coverage also addresses exposures related to commissioning and operational testing, start-up delays, transit and off-site storage.

AIG PowerBuild also offers comprehensive insurance coverage for an operational facility, including primary casualty, excess casualty, environmental, property, boiler and machinery/equipment breakdown coverage and management liability protection.

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