AIG Offers Personal Security Services
To Wealthy Clients
Wealth clearly has its benefits, but there are also pitfalls to having all those riches.
The obvious precaution is insurance coverage whenever and wherever possible. But insurers and their clients have discovered that coverage alone isnt always enough.
Thats what prompted American International Group in New York to begin AIG Private Client Group, a division of AIG Companies. Private Client offers homeowners the personal security services previously available to commercial accounts. The product is marketed through independent brokers.
“You can provide insurance for theft and break-in or a crisis like a kidnapping, but if you can prevent it from happening, thats far more valuable than indemnifying someone,” says Ross Buchmueller, president of AIG Private Client Group in New York. “Weve put together a half-dozen programs for some of the most prominent families in America.”
Security services, offered by Kroll Associates, complement AIG Private Client Group coverages. Their services include employee coverage and screening, which works as an adjunct to Private Clients workers compensation and employment practices liability for wealthy families employing domestic staff; and crisis management, which complements kidnap and ransom insurance, and provides insureds with customized pre-incident training, analysis and advice on kidnapping or extortion schemes.
Kroll also offers travel advisory services on issues ranging from terrorist activities to street crime.
Krolls goal is to help AIG clients “get smarter about their travel, or about the safety and security of their residence or vacation property,” says Ted Price, former deputy director of operations for the Central Intelligence Agency. Price is vice president, security services, and heads the crisis management division for Kroll in Washington.
“They might want to do some form of baseline security around their yacht or aircraft, or we could be available to provide consulting on how to protect the [personal computer] in their home against identity theft, or do a background check on domestics.”
Krolls services cover three areas:
Protection of personal security, which includes a number of services from basic driver training to highway safety training for teenagers and domestic staff.
Physical security of a residence, vacation property, plane or yacht, and travel safety and security briefings. And information security protection, which includes credit cards, cell phones and identity.
Basic investigations, including background checks for any household employees.