AIG Launches Risk Management Service for Builders of Luxury Homes

July 16, 2015

AIG Private Client Group, a division of American International Group, Inc., has introduced a risk management and mitigation service for residential construction projects with budgets of $5 million or more.

As part of its Smart Build offering, AIG risk experts consult with policyholders, their contractors, architects, and other building professionals during the earliest stages of residential construction projects. They recommend the latest technologies and best building practices during home design and construction to help enhance a home’s safety and resilience when completed; promote sound environmental practices; and lessen the chance of costly claims. The recommendations can also potentially minimize the need for expensive retrofitting after construction is done.

The service seeks to minimize risks related to natural catastrophe, water damage, security, fire and life safety, and potential threats to fine art or other collections that will be located in a home. AIG’s Smart Build recommendations come from the company’s experience protecting some of the world’s largest luxury homes, as well as extensive analysis of AIG claims data and overall loss trends.

Smart Build has been successfully piloted with select contractors in the Hamptons and South Florida.

“We’ve seen firsthand on many occasions what can go wrong in a luxury home, and in many instances we know damage could have been avoided by better planning in the design and building phases,” said Stephen Poux, senior vice president of Risk Management and Loss Prevention for AIG Private Client Group.

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