According to AIG, the new CorporateGuard will provide emergency funding to directors in case their property is confiscated or assets frozen and paying any individual director’s liability for unpaid corporate taxes.
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The new CorporateGuard will provide earlier protection by covering such pre-claim inquiries and individual target investigations. The product will now come to the defense of directors by providing enhanced reputation coverage, as well as mitigation cover to settle potential civil actions.
Localized D&O policies, as part of the AIG Passport program, will ensure that one’s D&O coverage is tailored to local requirements and tap into AIG’s unrivalled international network.
AIG said that it will now provide "any one claim" reinstatement coverage for certain sectors and jurisdictions, which ensures that directors and officers will benefit from AIG’s strengths and from the experience of its claims department for every unrelated claim.
Commenting on the launch, AIG Europe head of financial lines, Peter McKenna, said: "In the current regulatory environment, Directors and Officers are facing increased political, regulatory and criminal scrutiny."
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