• AIG Single And Special Risk Insurance

    With increasing number of risks in our day to day life, insurance is a must, to support us financially at the time of crisis. AIG Single and Special Risk Insurance is a unique type of insurance which provides cover against several unpredicted and unprecedented events.

    AIG overview

    Established in the year 1953, AIG (American International Group) Asia Pacific Insurance has become one of the largest General Insurance Companies serving the people of Singapore. It offers solutions that are innovative and helps in meeting the various needs of both corporate and individual clients.

    AIG Single and Special Risk Insurance offer several commercial products and services to provide insurance to various companies. The insurance schemes include products and services like Aerospace Insurance, Property Insurance, Political Risk Insurance, etc.

    Types of AIG Single and Special Risk Insurance

    Below mentioned are the different types of Insurance schemes offered AIG Single and Special Risk Insurance.

    • Casualty Department
    • Property
    • Surety Bond
    • Aerospace
    • Trade Credit Insurance
    • Political Risk Insurance
    • Energy
    • Marine
    • Financial Lines

    AIG Casualty Department

    This scheme protects workers and their families from any accident faced by the worker in his factory, during the course of employment.

    Features and Benefits:

    • Product Liability protects the workers from all major injuries caused by defective machinery in factories and manufacturers would be considered to be liable in this regard.
    • The Work Injury Compensation (WICA) covers the worker and his family in case of death or injury of the worker caused during his employment tenure.
    • Public Liability (PL) not only provides protection to the insured individual but also secures the insured’s family and takes care of all legal liabilities associated with the insured’s business.
    • Special Contractors and Renovators Scheme provides Public Liability cover and Work Injury Compensation to specialty contractors. The Public Liability policy handles all business third party liabilities during their operations, whereas, the Work Injury Compensation ensures that the injured employee receives proper medical treatment and recovers quickly.
    • Yard Entry Scheme (Y.E.S.) takes care of all shipyard insurance obligations and requirements. It is specially designed to serve the needs of shipyard contractors. Every Yard Entry Scheme policy includes Public Liability insurance and WICA which are tailor-made for shipyard contractors.

    AIG Property Insurance

    This particular scheme provides protection for property against all kinds of risks and damages.

    Features and Benefits

    • Under the Fire and Extraneous Perils policy, the property of the insured is protected from any damage arising because of storm, lightning, fire and other named perils.
    • The Property Terrorism policy takes care of any damage caused to properties by terrorist activities.

    AIG Surety Bond

    On behalf of the contractors involved with construction of shipyards, buildings, etc. AIG issues surety bonds of three types, namely, Performance Bonds, Bid Bonds and payment / Advance Bonds.

    Features and Benefits

    • The Performance Bonds ensures that the contractor is faithful and true towards the conditions mentioned on the contract. The obligee in case of a performance bond is the project owner.
    • The Bid Bond ensures that the contractor works as per contract, in accordance with bid price and thus, guarantees the project owner about the same.
    • According to the Payment bond, the contractor must pay the subcontractors, workers and suppliers. The Advancement Payment bond ensures that the project owner receives repayment for any cash advance made by him for a scheduled contract.

    AIG Aerospace

    This insurance scheme provides security to individuals and businesses associated with the aerospace industry, namely, airport owners, airport operators, aircraft owners and product manufacturers.

    Features and Benefits

    • The aerospace products liability covers products made for aircraft and its suppliers. It protects against any damage like physical injury or property damage.
    • The aerospace refuellers liability protects the aircraft from damages and provides cover for product liability associated with aerospace fuel supply.
    • Airport cover is designed for the airport operators and owners and provides cover for third party legal liability, including passenger legal liability and aircraft hull risks, including war risks.

    AIG Trade Credit Insurance

    The trade credit insurance ensures maximum security to the insured by protecting both export and domestic open account sales against non-payment which arises from a customer’s bankruptcy. The cover can help the insured to increase sales in new and potential markets which offer better terms of sale.

    AIG Political Risk Insurance

    This insurance scheme protects corporate clients, financial institutions and protection investors and enables them to save their investments made in overseas market against unprecedented losses due to several perils of political risk.

    Features and Benefits

    • The types of investments covered in this particular insurance policy are cross-border loans, equity investments, goods and services contracts and physical assets.
    • This policy provides protection against all political violence, including war and terrorism.
    • Political perils like nationalization, confiscation, expropriation, etc. are covered under the political risk insurance policy.

    AIG Energy Insurance

    This insurance scheme protects facilities that help in generating substantial amount of energy like, chemical, oil and petrochemical industries, mining occupancies, etc.

    Features and Benefits

    • The offshore property insurance policy protects and secures gas and oil facilities in case of damages to any offshore drilling facility or oil rig.
    • The Contractors’ All Risks or the Erection All Risks covers the contract works against any property damage, accidental injury and third party liabilities during an on-going construction.

    AIG Marine Insurance

    The marine insurance policy provided by AIG covers all goods against any damage or loss and takes care of third party liabilities.

    Features and Benefits

    • The Marine Cargo Insurance policy protects goods in transport by land, air or sea.
    • The Inland Marine policy provides protection for movable assets, both in storage and transit.
    • The Marine Liability is a third party liability insurance which provides protection to the insured against all legal liabilities.

    AIG Financial Lines

    This particular insurance policy is designed to protect the insured against several criminal activities including commercial crime, kidnap and ransom, etc.

    Features and Benefits

    • Kidnap and Ransom Insurance policy provides consultant services along with financial support to help the insured and his family during a crisis situation.
    • The Commercial Crime Insurance offers security to the insured by protecting him against prevalent fraud trends. It also helps the insured by predicting fraud trends that might emerge in the near future.
    • Cyber Insurance policy provides assistance for liabilities of different organisations arising from laws made for data protection, personal data management and the results of losing corporate data.

    Compare AIG Single and Special Risk Insurance With Other Insurance Companies Offering Accident Insurance in Singapore

    FAQs – AIG Single and Special Risk Insurance

    1. What are the different types of Single and Special Risk Insurance?
    2. There are 9 different types of Single and Special Risk Insurance offered by AIG. They are Casualty department, Property, Surety Bond, Aerospace, Trade Credit Insurance, Political Risk Insurance, Energy, Marine and Financial Lines.

    3. What are the different categories of Surety Bonds?
    4. There are three types of Surety Bonds, namely, Performance Bond, Bid Bond and Payment / Advance Payment Bond.

    5. How does AIG Insurance help in case of a kidnap?
    6. The Kidnap and Ransom Insurance policy not only provides financial support to the insured, but it also provides consultant services to the insured’s family.

    7. How does the Political Risk Insurance help the insured?
    8. The Political Risk Insurance scheme protects financial institutions and corporate clients against political violence, war, terrorism, expropriation etc. and provides security to their overseas investments.

    9. What is Work Injury Compensation?
    10. Work Injury Compensation or WICA is the compensation provided to a worker and his family in case of any injury or death of the worker during his employment period.

    Health Insurance Plans by Top Insurers
    Accident Insurance Plans by Top Insurers
    Medical Insurance Plans by Top Insurers
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.