AIG Excess Casualty, a US-based insurance firm, has released xsInResponse, a new type of product designed to provide excess liability coverage for risks previously covered by an insurance provider that is now bankrupt.
Over 200 insurers and reinsurers have become insolvent in the past decade, leaving many companies unable to collect on large liability claims, said Chris Maleno, president of AIG Excess Casualty. With xsInResponse, risk managers can secure stable capacity to strategically address coverage holes left by insolvencies – and assure stakeholders, board members, and others that their portfolio of excess liability coverage can respond when needed.
According to AIG, xsInResponse will provide up to 15 years of retroactive indemnity coverage which will respond to incurred but not reported (IBNR) claims. xsInResponse will be available as an endorsement to their UmbrellaPrime policy, which is designed to provide crisis management services to companies in distress.