Terrorism Cover Available
American International Group (AIG) is offering a stand-alone terrorism policy in response to widespread demand following the US terrorist attacks of September 11.
General Manager of AIG New Zealand, Anton du Plessis, says: "We want to counter the market perception that there is no insurance cover available to protect against acts of terrorism. In fact, this is not the case - we think it's important to be able to offer companies property damage coverage in the event of terrorist attacks."
AIG's terrorism cover comes at a time when insurance and re-insurance companies worldwide have begun to exclude insurance coverage for acts of terror from policies, as losses from the World Trade Centre tragedy mount in the billions of dollars.
"Despite the recent US tragedies we still consider terrorism as an insurable event," says Mr du Plessis.
"Banks and large institutions with property interests are being advised that the exclusion of terrorism cover in property mortgages and other loan programs will reduce their security against those loans. The offer of stand alone terrorism cover may give banks an opportunity to advise their clients on extending their cover."
AIG is the leading US-based international insurance and financial service organisation and the largest underwriter of commercial and industrial insurance in the United States. Its member companies write a wide range of commercial, personal and life insurance products through a variety of distribution channels in approximately 130 countries and jurisdictions throughout the world.