AIG Launches Comprehensive Solution for Couture and Designer Wardrobe Collections
September 03 2015 - 7:45AM
Business Wire
AIG Private Client Group, a division of American International
Group, Inc. (NYSE: AIG) that serves high net worth policyholders,
today introduced wearable collections coverage, a unique,
specialized insurance solution for couture and designer wearable
collections.
The new couture product offers coverage not typically found in a
homeowners policy and recognizes the high value placed on the fine
craftsmanship of high-end designer fashions and wardrobe
accessories.
The insurance covers couture and ready-to-wear garments, shoes,
handbags, and vintage and historic clothing. It addresses damage
caused by flood, mold, and moths, risks often excluded from a
homeowners policy. Coverage for custom, work-in-progress couture
and shoes is also provided, as is reimbursement of expenses for
clients who protect their couture by removing it from the home in
advance of an impending threat.
In addition, the insurance covers dry cleaning and wardrobe
preparation expenses by a high-end garment care specialist
following a covered loss— a common prerequisite for acceptance into
a secure garment storage facility.
“Much like collectors of fine art, vintage cars, or wine,
customers who invest in their wardrobes can be quite passionate
about their acquisitions,” said Ron Fiamma, Vice President and
Global Head of Private Collections for AIG Private Client Group.
“To help safeguard these items, our new couture solution closes the
gaps in a traditional homeowners policy and enables us to
proactively mitigate risks for these collections.”
In developing this coverage, AIG worked with Garde Robe Online,
LLC, a wardrobe storage and preservation service, to identify
coverage features that would address real concerns for
collectors.
AIG Private Client Group’s in-house collection management
specialists are available to customers year-round to help preserve
the long-term value of collectible garments, shoes, and handbags.
Services include vulnerability assessments, emergency planning, and
referrals to wardrobe preservation specialists.
AIG’s couture coverage is sold as an endorsement to the
insurer’s private collections policy, which includes additional
advantages such as agreed value coverage, no deductibles, and loss
in value payments. The coverage is available today in New York and
Texas. Availability in additional states will follow.
American International Group, Inc. (AIG) is a leading global
insurance organization serving customers in more than 100 countries
and jurisdictions. AIG companies serve commercial, institutional,
and individual customers through one of the most extensive
worldwide property-casualty networks of any insurer. In addition,
AIG companies are leading providers of life insurance and
retirement services in the United States. AIG common stock is
listed on the New York Stock Exchange and the Tokyo Stock
Exchange.
Additional information about AIG can be found at www.aig.com |
YouTube: www.youtube.com/aig | Twitter: @AIGinsurance | LinkedIn:
http://www.linkedin.com/company/aig
AIG is the marketing name for the worldwide property-casualty,
life and retirement, and general insurance operations of American
International Group, Inc. For additional information, please visit
our website at www.aig.com. All products and services are written
or provided by subsidiaries or affiliates of American International
Group, Inc. Products or services may not be available in all
countries, and coverage is subject to actual policy language.
Non-insurance products and services may be provided by independent
third parties. Certain property-casualty coverages may be provided
by a surplus lines insurer. Surplus lines insurers do not generally
participate in state guaranty funds, and insureds are therefore not
protected by such funds.
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version on businesswire.com: http://www.businesswire.com/news/home/20150903005694/en/
American International Group, Inc.Matt Gallagher (Media):
212-458-3247;matthew.gallagher2@aig.comLauren Kochendarfer (Media):
212-770-3155;lauren.kochendarfer@aig.comLiz Werner (Investors):
212-770-7074;elizabeth.werner@aig.com
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