AIG announces new global commercial property coverage for mid market

American International Group, Inc. (AIG) insurers have launched a new line of multinational commercial property products and services for mid-sized businesses confronting global risk exposures

AIG’s Property Performance Series – which includes expanded coverage, loss prevention engineering and risk management solutions – is meant to meet needs in light of more middle market companies seeking opportunities overseas, notes a statement issued last week by AIG, an international insurance organization serving customers in more than 130 countries and jurisdictions.

“Middle market companies are shifting their focus from deep cost cuts to strategic opportunities for growth, including global expansion,” George Stratts, AIG’s president of Global Property, notes in the statement.

“Our offering is designed to help clients maintain their business continuity by providing outstanding coverage and contract certainty, as well as services modelled on those provided to the largest multinational organizations,” adds Carol Barton, head of product strategy, Global Property, for AIG.

The Property Performance Policy is an all-risk property damage and business interruption policy that can offer a company cover for all operating locations and property exposures, the statement notes. The policy form can include environmental clean-up, equipment breakdown, crisis management and cyber coverage, with additional property coverage extensions available.

AIG reports that the policy provides commercial property solutions for mid-sized businesses in Canada, Australia, Europe, South Africa and the United States, and the company has plans to expand the offering to businesses in other countries later this year.

As part of the series, AIG is also scheduled to roll out several industry-focused policy forms tailored to provide coverage enhancements for clients in different industry segments. These include healthcare, higher education, manufacturing, real estate and retail.