AIG Releases New “Fashion Disaster” Insurance Product

In attempt to capture more business from high net worth personal lines clients, American International Group is releasing a product that covers what homeowners does not – high end, designer clothing. So-called “wearable collections coverage” fills a gap many high net worth clients may not realize exists. While items like art, jewelry and watches are often excluded from the definition of household “contents” in a traditional homeowners policy, clothing is not – leaving it subject to deductibles and punishing exclusions like mold or flooding.