Joe Trotti, President and CEO of AIG Aerospace and Marine, says: “This new offering allows clients, for the first time, to align their insurance needs with their long-term operational requirements. In what is a complex, high-value asset business, this protection gives clients greater certainty to budget for their long-term costs – knowing that the policy covers their asset over a significant portion of its expected design life.
“Typically, most assets are insured for the launch risk and 12 months and the policy is renewable each year. As the asset ages, and failure rates and losses emerge, the cost and coverage for clients can vary – adding a level of unpredictability to the operators’ business model. Our new product offers operators, owners and financiers greater risk transfer certainty over a longer period.
“AIG is one of the few carriers worldwide that can provide clients with a deep level of aerospace underwriting and claims expertise, proven long-term commitment to this sector as well as the necessary long-term financial security. The combination of these factors make this new solution a valuable proposition for our clients and brokers.”
The UK underwriting team at AIG Europe Limited will be offering Launch plus 10 to complement the existing space products and services that AIG already offers. AIG Europe Limited has appointed Sciemus Space Limited as a consultant.