AIG Launches Couture Insurance For Clothes And Shoes
For many people in New York City, the odds of owning expensive handbags and shoes are much higher than owning a car. Yet, with some of the most sought-after handbags costing as much as an average automobile, there was still no specific insurance to cover them. Recognizing this gap in the market, AIG Private Client Group (a division of American International Group , Inc. NYSE: AIG) launched a more specialized insurance solution for couture and designer wearable collections for its high net worth policyholders earlier this month.
AIG Private Client Group, a division of American International Group (AIG), has recently introduced a new insurance product tailored specifically for couture and designer clothing and shoe collections. This unique insurance offering addresses the need for coverage in the high-end fashion market, where the value of items such as handbags and shoes can rival that of a car. With the launch of this specialized insurance, AIG aims to provide comprehensive protection for high net worth policyholders and their valuable wearable collections.
The insurance policy operates by individually scheduling each item on the policy, ensuring customized coverage for each piece. Additionally, there is an option for blanket coverage that extends to less expensive items within the collection. The scope of coverage encompasses a wide range of wearable items, including couture and ready-to-wear garments, shoes, handbags, vintage pieces, and historically significant clothing. Notably, the insurance policy covers risks that are typically excluded from standard homeowners’ policies, such as floods, moths, and molds. This comprehensive coverage is a significant advantage for policyholders seeking to safeguard their valuable fashion assets.
The insurance policy also accounts for unique circumstances related to couture collections. For instance, it covers custom and work-in-progress couture and shoes, providing assurance during the creation process. Additionally, the policy includes provisions for reimbursement of expenses incurred by clients who proactively protect their couture items by removing them from their homes in advance. This feature reflects the understanding that couture collections often require special care and attention.
Recognizing the importance of preserving couture and designer fashion, AIG has partnered with Garde Robe Online, LLC, a renowned wardrobe storage and preservation service. This collaboration ensures that policyholders have access to in-house collection management specialists who offer services such as vulnerability assessments, emergency planning, and referrals to wardrobe preservation experts. By leveraging the expertise of Garde Robe Online, AIG aims to provide a comprehensive solution that caters to the unique needs of high net worth individuals with valuable fashion collections.
The development of this specialized insurance policy stems from a combination of factors. AIG has received feedback from clients expressing the need for fashion-specific coverage. Additionally, an insurance agent’s discovery of an extensive collection of Hermès Birkin handbags within a client’s wardrobe underscored the necessity for a couture policy. This realization prompted AIG to address the specific needs of high-value fashion assets and provide a tailored insurance solution.
While the coverage is currently approved in New York and Texas, AIG plans to expand its availability to all remaining states by the end of the year or early 2016. This expansion will enable a broader range of high net worth individuals to access the specialized insurance coverage for their couture and designer collections. By doing so, AIG aims to provide peace of mind to fashion enthusiasts, ensuring that their valuable fashion investments are adequately protected.