AIG Private Client Group, a division of the property and casualty subsidiaries of American International Group, Inc. (AIG), has expanded its Excess Flood Program to 17 additional states across the country, bringing the total to 32 states nationwide.
Since AIG Private Client Group first announced its roster of approved states in August, the product has also become available in Alabama, Arkansas, Colorado, Delaware, Idaho, Iowa, Kansas, Maryland, Massachusetts, Nevada, New Hampshire, South Dakota, Tennessee, Vermont, Washington, West Virginia and Wyoming.
The AIG Private Client Group Excess Flood Program, which is specially designed to support high net worth insureds who own homes with replacement costs in excess of $1 million, reportedly provides high limits of capacity in the event of catastrophic loss caused by flood. The AIG Private Client Group Program follows the policy provided by the NFIP, offering replacement cost coverage up to the amount specified on the individual policy for dwelling coverage; contents of the dwelling are insured based on an Actual Cash Value basis (see www.aigpcg.com for more information on the product).
“We are pleased to roll-out an excess flood program in 17 new states so soon after announcing the launch of the product this summer,” said Ross Buchmueller, president, AIG Private Client Group. “We have created a program that specifically supports rebuilding efforts for high-valued properties damaged by flood, and there is a clear need for adequate protection in the marketplace.”
As an added benefit, concurrent causation issues can be alleviated when the AIG Private Client Group Excess Flood Program is coupled with a homeowners policy from an AIG member company.
In addition to the new states, the AIG Private Client Group Excess Flood Program is also available in Arizona, California, Florida, Georgia, Hawaii, Maine, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Texas, Virginia and Washington, D.C.
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