AIG Europe is claiming to be the first insurer in the UK market to offer Directors and Officers insurance policyholders a free crisis support package.
The support package included within the CorporateGuard D&O liability policy ensures that if a defined event, from losing a major customer to the resignation of a key executive, precipitates a crisis, then rapid, expert assistance is delivered to the client.
Three support modules are offered to CorporateGuard clients. A client can select from one of three options:
- one day's professional crisis management services for unlisted companies
- a crisis fund of up to £30,000 (dependant on company turnover) for companies listed in the UK
- a crisis fund of $50,000 for companies listed on the New York Stock Exchange.
AIG has arranged a roster of public relations and law firms to deliver the support to policyholders in a move to mitigate the more debilitating effects of a crisis, such as inflammatory media coverage and damage to staff, customer and shareholder relations.
"The Turnbull report stresses the need for directors to demonstrate effective management of significant risks to their business objectives," said Chris Townsend, director of Financial Lines Division.
"This product demonstrates AIG Europe's commitment to providing the best possible support for companies in the new and increasingly onerous Corporate Governance environment.
"Thanks to our international reach we can deliver this support to our customers wherever they need it."
