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American International Group Inc.'s U.K. unit has added coverage to its directors and officers liability policy for the cost of legal challenges associated with the U.K.'s vote to leave the European Union.
AIG said Thursday the free add-on provided by AIG U.K. will cover legal challenges in the event of permanent residency applications being rejected prior to Britain's exit from the European Union, and subsequent challenges to repatriation orders post-Brexit.
One of the key provisions of E.U. membership is freedom of movement, which allows citizens in E.U. countries to live and work throughout the European Union.
AIG said executives who are citizens of E.U. countries who are covered by the insurer's D&O policies and whose applications for permanent residency in the United Kingdom are rejected before termination of the United Kingdom's membership of the European Union, will have their legal costs met to challenge the decision.
Also covered will be legal costs for U.K. nationals if their application for permanent residency in an E.U. member state is rejected, the insurer said.
The coverage will also pay legal costs for executives living in the United Kingdom and the E.U. to fight a repatriation order as a result of termination of the United Kingdom's membership in the E.U.
If the legal challenge to the repatriation order is unsuccessful, the addition will also cover “reasonable” repatriation relocation costs, including moving expenses, travel fees and unpaid school fees for the executives and their direct family members, the insurer said.
In addition to having no additional cost, there will be no deductible, AIG said.
Though the United Kingdom's withdrawal from the European Union won't be complete for some time, there should be “relatively little disruption to the insurance market” after the so-called Brexit, according to an analysis by investment firm Keefe Bruyette & Woods Inc.