AIG companie introduce AIG PASSPORT(SM) for pollution legal liability insurance
New Service Streamlines the Purchase of Global PLL Coverage
NEW YORK.-The AIG Companies(R) today introduced AIG Passport(SM) for Pollution Legal Liability (PLL), a service for U.S.- or Canada-based multinational companies to facilitate purchasing locally admitted PLL insurance to cover international operations and subsidiaries.
PLL policies provide liability coverage for clean-up costs, or third-party claims for bodily injury and property damage arising from losses due to on- or off-site pollution conditions from an owned or operated property. PLL coverage also addresses pollution conditions resulting from transporting wastes or products to sites not owned by the insured.
AIG Passport for PLL is available to address environmental risks in one or more foreign jurisdictions. Foreign PLL policies written through AIG Passport are issued by the locally licensed AIG Company, in compliance with local laws and regulations. Claims are handled by local AIG claims examiners who are supported by a home country claims management team. AIG Passport for PLL is available for new and renewal business.
“Our multinational customers have recognized that environmental liability is an issue in all countries in which they operate,” said Joseph Boren, Chairman and CEO, AIG Environmental. “It is becoming more important for U.S. companies with overseas operations to accurately represent their true environmental exposure around the globe in order to mitigate those risks. PLL insurance can be an effective way of addressing environmental liability risk.”
“AIG Passport for PLL is one more example that demonstrates the AIG Companies’ ability to deliver a broad portfolio of products to help multinational corporations mitigate risks,” said John Q. Doyle, Executive Vice President of the AIG Property Casualty Group and President of AIG Commercial Insurance Group.
The AIG Companies’ unique global franchise--with operations in over 130 countries and jurisdictions--and financial strength enables them to consistently deliver products to meet evolving insurance coverage needs worldwide. AIG Passport for PLL is the sixth product using the AIG Passport service. Since September of 2006, AIG has introduced Passport for Directors and Officers Liability, Errors and Omissions (E&O), Excess Casualty, and Fidelity and AIG Global Ambassador.
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