AIG Statement Series^SM

Management Liability Insurance for Today’s Complex Litigation Environment

The AIG Statement Series provides succinct and transparent management liability coverages to help protect companies and their directors and officers from a wide range of executive-level, corporate governance-related exposures.

Available products currently include:*

Directors & Officers Statement
Directors & Officers Side A Statement
Bermuda Employment Practices Statement

We introduced the last iteration of cutting-edge policies over 10 years ago and today remain committed to offering straightforward, statement-making products that adhere to the highest industry standards.

The AIG Statement Series is the result of a comprehensive, collaborative effort across AIG — with the benefit of important insights from brokers, clients, and leading legal experts — to provide our clients and brokers with cohesive, easy-to-read policy language.

Coverage Highlights

Directors & Officers Side A Statement

Traditional Side A coverage with endorsements to include AIG’s broadest Side A difference-in-conditions (DIC) enhancements
Broad choice of counsel, with no panel counsel requirement
Broad insured capacity, including executive as plan fiduciary
Broad definition of insured loss which is the loss an organization has denied, failed, or is not permitted to indemnify
Narrow exclusions, only conduct and prior and pending (P&P) exclusions
Removed ‘and necessary’ condition from all covered costs: defense costs, liberty protection costs, asset protection costs, class certification event study expenses, and clawback assistance costs

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Directors & Officers Statement

No wrongful act requirement for insured person inquiry, insured person investigation, and extradition request claims
Enhanced insuring clauses providing coverage for claims against insureds for wrongful acts committed by other insureds
Enhanced crisis loss coverage, including expanded environmental, social, and governance-related categories
Simplified entity v. insured exclusion, including plain exceptions for non-indemnifiable loss, loss of insured person in connection with a derivative suit, and claims brought during the bankruptcy of an organization
Removed ‘and necessary’ condition from all covered costs: defense costs, derivative investigation costs, liberty protection costs, asset protection costs, class certification event study expenses, clawback assistance costs, personal reputation expenses, and books and records demand costs coverages

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Bermuda Employment Practices Statement

Claims reported coverage
No ‘willful act’ exclusion
Claim definition includes criminal proceedings
Subsidiary additions threshold lesser of 20% underwritten employee count or 5,000 employees
Option to report non-specified claims by bordereau or individual notice
Option to use AIG panel counsel at pre-negotiated rates without jurisdiction limitation

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For more information, please contact your local Financial Lines underwriter or distribution partner, or email us.

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