AIG........Cruise Insurance?

[cubdaddy]

I know AIG ownes Travel Guard and was wondering if anyone has heard any news or has an opinion on booking travel insurance with them. Would hate for something to happen an find were not covered!

 

We always used Travel Guard and they were great when we filed a claim with them!:)

[airhead22]

I had the same thought. I hope we are okay, we have our insurance with them for 2 weeks from now.

[Chigirlcruzin]

I know AIG ownes Travel Guard and was wondering if anyone has heard any news or has an opinion on booking travel insurance with them. Would hate for something to happen an find were not covered!

 

We always used Travel Guard and they were great when we filed a claim with them!:)

 

 

The whole point of the government bailout was to keep things going, so there should be no issues. Even so, the consumer side of the business at AIG was not in any danger - those policies would have easily been picked up by another carrier had AIG gone down.

[cubdaddy]

I did book the insurance with them. This time I didn't notice AIG anywhere on the website. Interesting!

 

Airhead22, enjoy your cruise! I wish I was leaving in 2 weeks! Of course mine will be here and gone before I notice! Have to start thinking about the next one!:D

[BND]

We have AIG for our upcoming cruise. Our TA has gotten a couple of emails from them ensuring that there is no issue with the insurance. Here's a quote from the CEO that was part of the email: "We know that the complexities of the challenges faced by our parent company caused concern among our travel partners and our policyholders," Noel said. "Let me assure you, Travel Guard is strong and the AIG insurance companies that underwrite our policies are strong, with ample resources to pay claims to policyholders and commissions to our travel partners."

 

Also, this was from the first email: AIG Travel Guard's policies are underwritten by American Home Assurance Company and National Union Fire Insurance Company. Both are member companies of AIG Commercial Insurance (AIGCI), whose substantial capital position is independent of its parent.

 

AIGCI companies, which include the Lexington Insurance Company, National Union and American Home Assurance Company, remain well-capitalized with statutory surplus of $26.7 billion and invested assets exceeding $70 billion.

 

Even if the parent company files for bankruptcy, AIGCI's capital position will remain intact and available to underwrite policies.

 

The emails go on to talk about who their companies they hold are and that they will continue to communicate with their customers. Check out their website, because there's supposed to be updates and info there.

[pungo3]

We have AIG for our upcoming cruise. Our TA has gotten a couple of emails from them ensuring that there is no issue with the insurance. Here's a quote from the CEO that was part of the email: "We know that the complexities of the challenges faced by our parent company caused concern among our travel partners and our policyholders," Noel said. "Let me assure you, Travel Guard is strong and the AIG insurance companies that underwrite our policies are strong, with ample resources to pay claims to policyholders and commissions to our travel partners."

 

Also, this was from the first email: AIG Travel Guard's policies are underwritten by American Home Assurance Company and National Union Fire Insurance Company. Both are member companies of AIG Commercial Insurance (AIGCI), whose substantial capital position is independent of its parent.

 

AIGCI companies, which include the Lexington Insurance Company, National Union and American Home Assurance Company, remain well-capitalized with statutory surplus of $26.7 billion and invested assets exceeding $70 billion.

 

Even if the parent company files for bankruptcy, AIGCI's capital position will remain intact and available to underwrite policies.

 

The emails go on to talk about who their companies they hold are and that they will continue to communicate with their customers. Check out their website, because there's supposed to be updates and info there.

Thank you for posting this. Now, I feel much better. I'd hate to think I'd need to use my cruise insurance and have it be worthless.

[Mark]

There is no problem with any insurance from AIG...the insurance companies of AIG were never in any trouble and are fine....those of you who do not understand the insurance industry don't realize that the states regulate, review and scrutinize all insurance companies very closely...therefore the AIG insurance operations which are separate subsidaries are FINE.

 

As far as the "bailout"...the term is a bit misleading...the Fed provided AIG with a 2 year secured bridge loan at a substantial interest rate to hold the parent company over until they can sell off some of their divisions and get their house back in order...the Feds have the ability to assume about 79% owwnership in AIG should the company default on this deal...all of this information has been documented and posted in the Wall Street Journal, Bloomberg and the New York Times....the point is that your AIG insurance for travel, car, life or whatever is there and is fine. If you don't believe me, research on the previously mentioned sources...:cool:

[cardinalfan]

It was never good insurance in the first place. We had to fight for months and months to get a claim repaid. Carnival reimbursed immediately which they did not have to do and AIG was terrible to work with even when they were not having financial problems.

[*Mach*]

I know AIG ownes Travel Guard and was wondering if anyone has heard any news or has an opinion on booking travel insurance with them. Would hate for something to happen an find were not covered!

 

We always used Travel Guard and they were great when we filed a claim with them!:)

 

 

I normally use CSA for my insurance but opted for AIG this time 'round. I got better coverage for a bit less money.

Looks like a good deal to me...

[Ken076]

Checkout Patriot T.R.I.P insurance for decent coverage at a lesser price than Carnivals (about half for age 49 and less) and CSA Freestyle for much wider coverage than Carnivals. CSA Freestyle Luxe policy has optional "Cancel for ANY Reason". ken

[Mark]

Well I have AIG TravelGuard for my upcoming cruise in November...was provided by Continental Cruises when I opted for insurance and I have no concerns or worries should I have to submit a claim...:cool:

[Monty'sMum]

Well, I did my research when I was looking at travel insurance a couple of months ago for my trip. I didn't see where Carnival's was comprehensive enough and my insurance broker could only get quotes from companies who deal in auto and home insurance as well and those quotes were through the roof.

 

Travelguard was one of only two companies, along with RBC, that had a decently priced full comprehensive package. Travelguard also had an option specifically for cruising that involves cancelling due to port changes, last minute cancellation of the cruise, etc.

 

I went with them because it seems like the better option for the trip I'm taking. I have no problem with them being part of AIG.

 

Normally I just go with the coverage I get for travel medical through work for trips to the US as I'm not too worried about flights changing/cancelling. Where I'm going outside the US and Canada and it involves a cruise, etc. I went for an additional policy.

[sjcruiser]

I just returned my insurance agents office this morning. I'm looking to change auto insurance plans due to current carrier (GEICO) has some lame excuse about coverage in NJ, in order to raise the premiums every six months. I told him this is the second time in 18 months that they raised the policy price w/o any real answers (no accidents, tickets, life/policy changing events). Her first quote was from AIG, I was a little sceptical and she assured me the insurance division was separate from the division in trouble and they are no having any problems paying claims. AIG did come in cheaper than GEICO, but not lower than Progressive.