AIG Travel Guard going out of business???

[Keith1010]

Because she does CD, Construction Defects. Most of the time during the construction of buildings or homes there is usually more then one carrier during it's lifetime of constuction. Aso they may be on one sub, like the roofers and you insure the framers, someone else has the plumbers etc. Let's say everybody gets sued on a tract of homes. You have to find out who is liable. As you know no one wants to go to trial and have a jury decide the outcome. So at the settlement conference you meet with all the insurance carriers envolved. That's when she deals with AIG!

 

Still not sure what this has to do with their travel insurance subsidiary.

 

Keith

[Salbythec]

AIG has many divisions and subsidiaries. Many that the general public aren't involved in. The Travel Insurance portion of their company should be safe. I wouldn't worry too much if you are holding a policy for a future vacation.

 

I have AIG travel guard for 2 upcomming cruises, 10-26-08 and 3-20-09.

I am going to try not to worry.:eek: Our TA sells this with our cruise and pushes it, I trust her with everything else so I have always bought it. I will pick something different for next time.

[hightownCO]

Interesting news that we're all bailing out AIG. But the whole reason is to liquidate the company in an orderly manner over the next two years. AIG as is will not survive. Other companies or consortiums will end up buying this and that, ie the travel insurance subsidiary or 21st century or simply a book of business from their other P & C companies.

 

bar_20, have been through the same thing as your wife has been with courthouse step settlements. I'm in subrogation and AIG has actually tried to structure a settlement to us.

 

If you do have AIG for your insurance, no you should not worry. They now have the backing of the US goverment and if a book of business or division is sold, your contract (the policy) is still good.

[snowskier]

Let's be real about this -- if AIG had gone bankrupt I don't think my travel insurance policy would be a priority on my mind. I'm a bit more concerned about my 401K, the pension I'm living on and what shoe was going to fall next in the financial world.

 

I have used AIG, turned in a claim due to canceling a cruise and in less than 3 weeks was paid in full -- a little over $9.000. Not sure why others have had so much trouble. I provided the paperwork they asked for and they gave me a check - pretty simple.

 

Snowskier

[S&S Cruisers 1983]

Let's be real about this -- if AIG had gone bankrupt I don't think my travel insurance policy would be a priority on my mind. I'm a bit more concerned about my 401K, the pension I'm living on and what shoe was going to fall next in the financial world.

 

Snowskier

 

Snowskier - I'm not worried about my 401K, I'm not living on a pesion and I can't control the future of the financial world. I happen to have a policy with AIG and was curious whether or not it might go under. You are free to worry about what you want to worry about and I will worry about what I want to worry about...fair enough?

 

And thank you to everyone else for the information, I appreciate it!!!

[DavidTamale]

Went to AIG Travel Guards' website after looking for advice in here, and they've taken AIG off of their site. Definitely not going to do business with a company that won't admit who they're owned by. Even though it's hard to blame them for not wanting to be associated with their owners, that's just old-fashioned deceptive consumer fraud.

 

Guess I'll read the other threads for a better alternative, we're trying to get travel insurance for our cruise next May.

[coleridge]

I am interested in which insurance company the people who "can't stand AIG " do like and why. All info is always appreciated.

 

coleridge:o

[PennyAgain]

AIG is still sending out brochures, although it may be a mailing planned earlier on.

 

I got a brochure a few days ago.