LONDON (Reuters) - Executives insured by AIG UK will be covered for legal and relocation costs should they face the threat of having to move as a result of Britain's vote to leave the European Union, the insurance company said on Thursday.
Businesses are scrambling to assess the impact of the "Brexit" vote on their workforces amid uncertainty over the future rights of EU nationals working in Britain, as well as Britons working in the EU.
"While the outcome of the discussions between the UK and the EU are unknown, this addition to existing contracts, which will be implemented at no additional cost, will give our clients peace of mind during a period of potential change," Anthony Baldwin, Chief Executive Officer of AIG Europe and AIG UK, said.
Executives who are rejected for permanent residency in the UK before its departure from the EU, and who are covered by AIG UK's Directors and Officers' policies, will now be able to claim legal costs to challenge the decision, AIG said. The policy will apply to executives who are EU citizens.
Executives living in the UK and EU who need to fight a repatriation order as part of the Brexit vote will also be able to claim legal costs.
If they lose their case, AIG UK will be able to offer relocation costs, including travel fees and unpaid school fees for executives and their direct family members, it added.