Despite any new developments between the UK and the European Union since the surprising ‘vote to leave’, American International Group, AIG, is tacking on Brexit coverage for their existing director and officer policy holders. The UK division of AIG will manage the addition to the D&O policies, which has no additional cost or deductible.
Since no decisions have been made regarding the terms of the UK and EU’s new relationship, the adjunct coverage serves primarily to calm policy holders that are anxious about the changing markets.
“While the outcome of the discussions between the UK and EU are unknown, this addition to existing contract, which will be implemented at no additional cost, will give our clients peace of mind during a period of potential change,” Anthony Baldwin, CEO of AIG Europe Ltd. and AIG UK said.
The coverage is for legal challenges if an application for permanent residency is rejected before the policies change between the UK and EU. The action by AIG UK hints at the general sense of unease felt by many business professionals from the UK.
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