While worried American International Group policyholders were calling their brokers last week, a handful were comfortably sitting tight with recently renewed AIG directors and officers coverage and a previously negotiated backup plan to instantly replace the carrier if required.
Southwest Airlines is among the insureds in the latter group, confirmed the airline's risk manager, retail broker and wholesale broker, who all described a contingency plan that the wholesaler developed 90 days ago–in advance of the July renewal of a multimillion-dollar D&O liability program on which AIG was the primary carrier.
Peter Taffae, managing director of Executive Perils, the Los Angeles-based wholesaler, said that since he crafted that contingency plan for Southwest, he has put five such options in place for D&O insurance buyers in the three-month timeframe.
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