AIG offers D&O liability for private companies
American International Companies, a member of American International Group, Inc. (AIG), introduced liability coverage for directors and officers of private companies. The Directors and Officers Liability and Private Company Reimbursement insurance policy also provides the directors and officers of private companies with employment practices liability coverage.
Directors and officers of the insured private company’s parent are also covered if named as co-defendants in a covered claim. A policy provision requires the insurer to quote coverage for any initial public offering by the insured.
The employment practices liability coverage protects all directors, officers and employees against claims of wrongful termination, sexual harassment, discrimination, wrongful discipline and failure to grant tenure. The policy covers the private company as well if named as a co-defendant with a director, officer or employee in an ongoing claim.
The insured has the option to control the defense of an employment practices claim.
Policyholders also can access a range of loss prevention services available through American International Companies from a number of vendors, including Seyfarth, Shaw, Fairweather & Geraldson, a national employment law firm. These services include an electronic employers compliance digest, consultation with an attorney on employment practices matters, a self-audit guide and client newsletters. Policyholders can also receive seminars, employment policy evaluations and on-site audits at a discounted rate. For more information, contact Paul Huelbig at (212) 770-6769.
Copyright Rough Notes Co., Inc. Jan 1997
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