AIG Private Client Group, which serves high net worth policy holders, has introduced wearable designer collections coverage, a unique and specialised insurance solution for couture and wearable designer collections.
“The new couture product offers coverage not typically found in a homeowner’s policy and recognises the high value placed on the fine craftsmanship of high-end designer fashions and wardrobe accessories,” an AIG press release said.
The insurance covers couture and ready-to-wear garments, shoes, handbags, and vintage and historic clothing and addresses damage caused by flood, mould and moths, risks often excluded from a homeowner’s policy.
The insurance also covers dry cleaning and wardrobe preparation expenses by a high-end garment care specialist following a covered loss, a common prerequisite for acceptance into a secure garment storage facility.
According to the company, its in-house collection management specialists are available to customers year-round to help preserve the long-term value of collectible garments, shoes, and handbags.
Services include vulnerability assessments, emergency planning, and referrals to wardrobe preservation specialists.
AIG Private Client Group is a division of American International Group, Inc. (AIG), a leading global insurance organisation serving customers in more than 100 countries.
