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AIG introduces insurance policy for designer collections
04
Sep '15
AIG Private Client Group, which serves high net worth policy holders, has introduced wearable collections coverage, a unique and specialised insurance solution for couture and designer wearable collections.

“The new couture product offers coverage not typically found in a homeowner's policy and recognises the high value placed on the fine craftsmanship of high-end designer fashions and wardrobe accessories,” an AIG press release said.

The insurance covers couture and ready-to-wear garments, shoes, handbags, and vintage and historic clothing and addresses damage caused by flood, mould and moths, risks often excluded from a homeowner's policy.

“Coverage for custom, work-in-progress couture and shoes is also provided, as is reimbursement of expenses for clients who protect their couture by removing it from the home in advance of an impending threat,” it added.

In addition, the insurance covers dry cleaning and wardrobe preparation expenses by a high-end garment care specialist following a covered loss, a common prerequisite for acceptance into a secure garment storage facility.

“Much like collectors of fine art, vintage cars, or wine, customers who invest in their wardrobes can be quite passionate about their acquisitions,” said Ron Fiamma, global head of private collections for AIG Private Client Group.

“To help safeguard these items, our new couture solution closes the gaps in a traditional homeowner's policy and enables us to proactively mitigate risks for these collections,” Fiamma added.

In developing this coverage, AIG worked with Garde Robe Online, LLC, a wardrobe storage and preservation service, to identify coverage features that would address real concerns for collectors.

According to the company, its in-house collection management specialists are available to customers year-round to help preserve the long-term value of collectible garments, shoes, and handbags.

Services include vulnerability assessments, emergency planning, and referrals to wardrobe preservation specialists.

AIG's couture coverage is sold as an endorsement to the insurer's private collections policy, which includes additional advantages such as agreed value coverage, no deductibles, and loss in value payments.

AIG Private Client Group is a division of American International Group, Inc. (AIG), a leading global insurance organisation serving customers in more than 100 countries and jurisdictions. (AR)

Fibre2Fashion News Desk – India

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