NEW YORK--(BUSINESS WIRE)--American International Group, Inc.’s (AIG) Commercial Insurance division today announced the introduction of Celebrity Product RecallResponse®, a new insurance product designed to help customers respond to risks from a celebrity endorser's public fall from grace, scandal, or unexpected death.
Provided through AIG’s Lexington Insurance Company, the largest domestic excess and surplus lines carrier in the U.S., Celebrity Product RecallResponse covers certain costs incurred by companies to recall product(s) bearing a celebrity endorser’s name and image. The insurance is triggered by significant news media coverage of an endorser’s actual or alleged criminal act or other distasteful conduct that results in (or is likely to result in) public contempt for the individual and a significant adverse impact on a company’s product.
Coverage includes costs associated with removing products and packaging from the marketplace, including their transportation, disposal, or destruction. The coverage also reimburses companies for the removal of marketing and advertising materials bearing the celebrity's image.
"Celebrity Product RecallResponse was developed expressly to address exposures companies take on when they associate with well-known individuals to promote their brands,” said Jeremy Johnson, President and CEO of Lexington Insurance Company. “In this age of social media and instant news, reports of indiscretions by celebrities or high profile athletes can spread worldwide instantly, with swift, adverse implications for products or brands associated with the individual.”
Available with standalone policy limits up to $5 million, or by endorsement with limits up to $1 million, the coverage is designed to provide protection for companies of many sizes, including start-ups, small and mid-sized businesses that are engaging a celebrity endorser.
Customers also have access to AIG's RiskTool Advantage® to help them assess exposure and prepare and execute a recall plan.
American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.