AIG Executive Liability(R) Introduces Public Entity Plan and Trustee Protector

June 25, 2008 9:30 AM EDT

NEW YORK--(BUSINESS WIRE)--

AIG Executive Liability(R), a unit of AIG Commercial Insurance, today introduced Public Entity Plan and Trustee Protector, a policy that protects individuals who manage public entity employee benefit plans from fiduciary liability exposures.

A number of recent high-profile cases have spotlighted the liability of individuals who oversee public entity employee benefit plans. While these plans are regulated at the state and local level and are not subject to the Employee Retirement Income Security Act (ERISA), fiduciaries of such plans nonetheless may be held personally liable to restore losses to a plan caused by their breaches of duty. All too often, sovereign immunity is either not available or cannot be relied upon. Fiduciaries can face suits from plan participants, their beneficiaries, government agencies, watchdog groups and even concerned taxpayers.

Public Entity Plan and Trustee Protector is available in over 30 states, with limits of up to $50 million. The policy includes broad coverage for trustees, employees, elected or appointed officials, the benefit plan and the retirement system for claims alleging breaches of employee benefit law or errors in plan administration.

"We created Public Entity Plan and Trustee Protector in response to rising concern about the personal liability of managers of public entity employee benefit plans. This policy specifically addresses the unique litigation issues faced by these individuals." said Michael Smith, President, AIG Executive Liability.

For more information, please contact your insurance broker or email executiveliability@aig.com; you can also visit us on the Web at: http://www.aig.com/aigexecutiveliability.

AIG Commercial Insurance serves a wide range of customers from multinational and middle-market companies to non-profit organizations and small entrepreneurs. Its extensive product offerings include general and excess liability, property, management and professional liability, workers' compensation, accident and health, environmental liability, and integrated global programs for multinational companies. AIG Commercial Insurance also maintains dedicated industry groups to serve the insurance needs of the aviation, energy, marine, healthcare, construction, financial institution, real estate and education sectors.

AIG Commercial Insurance is the marketing name for the domestic commercial property casualty insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products are written by insurance company subsidiaries of AIG Commercial Insurance Group, Inc. Coverage may not be available in all jurisdictions and is subject to actual policy language. Non-insurance products and services may be provided by independent third parties

American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.

Source: American International Group, Inc.

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