AIG will sell personal lines to credit card holders

AIG will sell personal lines to credit card holders

American International Group (AIG) signed a letter of intent with MBNA America Bank, N.A. to underwrite automobile, homeowners, and personal umbrella insurance products for MBNA credit card customers. MBNA is the largest independent credit card lender in the world.

The new marketing relationship first will offer AIG auto insurance to MBNA customers nationwide-with other AIG insurance products to be added in the future. Under the terms of the agreement, AIG companies will underwrite the property/casualty insurance products and provide customer and claims service while MBNA will be responsible for marketing AIG insurance products to MBNA customers.

AIG Chairman M.R. Greenberg noted that the agreement “represents a significant opportunity for AIG to increase its personal lines insurance businesses, which have grown rapidly over the past several years through the use of various distribution strategies in many markets.”

The Hartford upgrades computer coverage

The Hartford Financial Services Group has introduced a computer insurance program called Computer and Electronic Equipment Coverage which covers both in-office equipment and mobile computer equipment. It provides worldwide protection for laptops, notebooks, palmtops and similar portable computer equipment. In addition it also covers losses caused by computer viruses.

The Hartford’s broadened coverage also pays for a loss’s extra expenses as well as for expediting expenses, such as express mail costs for a replacement computer or import duties imposed on replacement electronics purchased abroad. The policy contains no coinsurance clause.

The package also includes an extended limit-up to $50,000-for newly acquired computer equipment, and coverage for such extras as valuable papers, instructional and operation manuals, and pollutant cleanup and removal.

The Hartford’s Computer and Electronic Equipment Coverage is currently available in most states. For more information, agents may contact their marine specialist in their Hartford regional office or Ray Denny, Marine Product Development, at (860) 547-3767.

Travelers offers crime and liability policy for financial institutions

Travelers Bond, a division of Travelers Property Casualty, has launched a new crime and liability policy for financial institutions known as The Travelers Advantage(sm) for Financial Institutions. The policy offers flexible purchase options, an advanced policy structure and floating excess coverage.

The policy permits insureds to select from the following coverages:

directors and officers liability including entity securities claims

employment practices liability

fiduciary liability

bankers professional liability

financial institution bond

computer crime

kidnap and ransom/extortion

The built-in floating excess limit option is a nondedicated limit of liability that sits above all underlying coverages. It is available for a covered loss, up to the single– loss limit.

Limits for each coverage may be left separate or, to achieve cost savings, combined with other limits. Limits may be blended across all products, among liability products alone, or just among crime products.

For more information about this coverage, please contact your local

Travelers Bond representative or Andrew Badalucco at (860) 277-6124.

Chubb offers auto quotes at Ferrari dealerships

An agreement between the Chubb Group of Insurance Companies and Ferrari North America, Inc., will enable Ferrari customers to obtain an auto insurance rate quote at the point of sale. Customers buying a new or used Ferrari at authorized dealerships around the country can call a toll-free number, receive a rate quote in minutes and can have coverage bound immediately.

Ferrari customers who purchase coverage via the Chubb Customer Center toll-free number can also have an insurance identification card faxed to them.

Every Ferrari insured by the program will be protected by the Agreed Value coverage (not yet available in Texas) which locks in the car’s settlement value for the entire policy term, with no depreciation. In addition, Chubb can offer up to $10 million of liability limits to protect Ferrari owners against lawsuits and $1 million of protection against uninsured or underinsured drivers.

Ferrari North America has 31 authorized dealerships in the U.S. and Canada.

Copyright Rough Notes Co., Inc. Apr 1999

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