17 July 2015 Insurance

AIG launches residential risk management service

AIG Private Client Group, a division of American International Group, has launched the industry’s first risk management and mitigation service for residential construction projects with budgets of $5 million or more.

The Smart Build offering will see AIG risk experts consult with policyholders, contractors, architects, and other building professionals during the earliest stages of residential construction projects.

Recommendations will factor in technologies and best building practices during home design and construction to help enhance a home’s safety and resilience when completed. The service will also help to promote sound environmental practices and lessen the chance of costly claims occurring.

“We’ve seen firsthand on many occasions what can go wrong in a luxury home, and in many instances we know damage could have been avoided by better planning in the design and building phases,” said Stephen Poux, senior vice president of risk management and loss prevention for AIG Private Client Group. “Smart Build gives AIG a seat at the table from the very start of the design process to increase the likelihood that our customers will enjoy the safest, most resilient home possible for many years to come.”

Smart Build, which has been successfully piloted with select contractors in the Hamptons and South Florida, seeks to minimise risks related to natural catastrophe, water damage, security, fire and life safety, and potential threats to fine art or other collections that will be located in a home.

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