Lexington Insurance Company, a unit of AIG Commercial Insurance, today
announced Lex P-3 SolutionsSM, tailored risk
management and insurance products that respond to risks associated with
public private partnerships throughout the life of the partnership.
Public private partnerships allow private capital to be invested in
public construction projects in return for future income after
construction during the operational phase.
Lex P-3 Solutions covers the risks unique to public private
partnerships. The coverage addresses risks starting with the design and
construction phase and continues through the operational phase of a
project and can include professional liability, general liability,
excess liability and builders’ risk during
construction. Upon completion of the project, Lex P-3 Solutions can
provide property insurance and operational general liability during the
ownership and maintenance phase. All of the P-3 Solutions coverages are
available on a stand-alone basis or on a combined policy form.
“Infrastructure, including many roads,
bridges, tunnels, water, power utilities, airports and rail/light rail,
are either in disrepair or in need of serious upgrades to meet today’s
needs in America. Unfortunately, current government funding sources fall
far short of this need. A significant portion of the funding gap will
likely be filled by public private partnerships,”
said Kevin Kelley, Chairman and CEO, Lexington Insurance Company. “We
created P-3 Solutions to cover the risks unique to public private
partnerships.”
Lex P-3 Solutions builds upon Lexington’s
history in the construction and property markets and leverages an
experienced team of underwriting, risk management, claims and legal
counsel to facilitate a quality and efficient insurance program.
Lex P-3 Solutions is available in all 50 States except New York. For
more information contact Tom Grandmaison, Thomas.Grandmaison@AIG.com,
(617) 345-4130 or Bob Rogers, Robert.Rogers@AIG.com,
(617) 330-8564.
AIG Commercial Insurance serves a wide range of entities from
multinational and middle-market companies to non-profit organizations
and small entrepreneurs. Its extensive product offerings include general
and excess liability, property, management and professional liability,
workers' compensation, accident and health, environmental liability, and
integrated global programs for multinational companies. AIG Commercial
Insurance also maintains dedicated industry groups to serve the
insurance needs of the aviation, energy, marine, healthcare,
construction, financial institution, real estate and education sectors.
AIG Commercial Insurance is the marketing name for the domestic
commercial property casualty insurance operations of American
International Group, Inc. For additional information, please visit our
website at www.aig.com. All products
are written by insurance company subsidiaries of AIG Commercial
Insurance Group, Inc. Coverage may not be available in all jurisdictions
and is subject to actual policy language. Non-insurance products and
services may be provided by independent third parties.
American International Group, Inc. (AIG), a world leader in insurance
and financial services, is the leading international insurance
organization with operations in more than 130 countries and
jurisdictions. AIG companies serve commercial, institutional and
individual customers through the most extensive worldwide
property-casualty and life insurance networks of any insurer. In
addition, AIG companies are leading providers of retirement services,
financial services and asset management around the world. AIG's common
stock is listed on the New York Stock Exchange, as well as the stock
exchanges in Ireland and Tokyo.
American International Group, Inc.
Joe Norton, 212-770-3144
Director
of Public Relations
