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Broker Crafts D&O Backup Program So AIG Customers Can Bail Out If Necessary

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

By Susanne Sclafane | Updated on September 28, 2008

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.

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