American International Group subsidiary AIG Private Client Group has launched new wearable collections coverage, a specialized insurance solution for couture and designer wearable collections.
The new insurance product provides coverage for couture and ready-to-wear garments, shoes, handbags and vintage and historic clothing.
It is said to address the damage caused by flood, mold and moths, which will be not covered in a homeowners policy.
The product also provides coverage for custom, work-in-progress couture and shoes, in addition to covering dry cleaning and wardrobe preparation expenses by a high-end garment care specialist following a covered loss.
AIG Private Client Group vice president and private collections head Ron Fiamma said: "Much like collectors of fine art, vintage cars, or wine, customers who invest in their wardrobes can be quite passionate about their acquisitions.
"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."
AIG had worked with wardrobe storage and preservation service Garde Robe Online to identify coverage features that can address real concerns for collectors.
AIG provides services to commercial, institutional, and individual customers in around 100 countries and jurisdictions.