View this article online: https://www.insurancejournal.com/news/national/2015/09/03/380678.htm
AIG Private Client Group, a division of American International Group, Inc. that serves high net worth policyholders, has introduced wearable collections coverage, a specialized insurance product for couture and designer wearable collections.
The new couture product offers coverage not typically found in a homeowners policy and addresses the high value placed on high-end designer fashions and wardrobe accessories.
The insurance covers couture and ready-to-wear garments, shoes, handbags, and vintage and historic clothing. It addresses damage caused by flood, mold, and moths, risks often excluded from a homeowners policy. Coverage for custom, work-in-progress couture and shoes is also provided, as is reimbursement of expenses for clients who protect their couture by removing it from the home in advance of an impending threat.
In addition, the insurance covers dry cleaning and wardrobe preparation expenses by a high-end garment care specialist following a covered loss— a common prerequisite for acceptance into a secure garment storage facility.
“Much like collectors of fine art, vintage cars, or wine, customers who invest in their wardrobes can be quite passionate about their acquisitions,” said Ron Fiamma, vice president and Global Head of Private Collections for AIG Private Client Group. “To help safeguard these items, our new couture solution closes the gaps in a traditional homeowners policy and enables us to proactively mitigate risks for these collections.”
In developing this coverage, AIG worked with Garde Robe Online, LLC, a wardrobe storage and preservation service, to identify coverage features that would address real concerns for collectors.
AIG Private Client Group’s in-house collection management specialists are available to customers year-round to help preserve the long-term value of collectible garments, shoes, and handbags. Services include vulnerability assessments, emergency planning, and referrals to wardrobe preservation specialists.
AIG’s couture coverage is sold as an endorsement to the insurer’s private collections policy, which includes additional advantages such as agreed value coverage, no deductibles, and loss in value payments. The coverage is available today in New York and Texas. Availability in additional states will follow.