AIG-owned National Union has announced the launch of IDL MAX(SM), a non-indemnifiable loss excess liability insurance product.
National Union, a member company of American International Group Inc, has launched program enhanced with Difference In Conditions (DIC) coverage for independent directors of publicly-traded corporations.
National Union claims that the program, called IDL MAX, will also offer independent directors the opportunity to add an excess layer of non-indemnifiable loss coverage dedicated to protecting them when traditional Directors & Officers insurance might not.
President and CEO if National Union, John Keogh, stated that in the light of an increasing number of D&O claims in the US, IDL MAX is designed to provide coverage for only those independent directors scheduled on the policy, the limits cannot be diminished by corporate liabilities or by non-insured executives who may be accused of wrongful conduct.
The launch of the new insurance policy is set against downgrading of AIG’s S&P credit and debt ratings to AA from AA+, after the giant insurer restated five years of earnings earlier this week to correct a series of accounting missteps.