PHILADELPHIA--(BUSINESS WIRE)--
ACE Group today announced the launch of a new endorsement to help
protect technology companies from exposures resulting from products that
are sold and distributed to third-parties. The new ACE DigiTech®
and Product Recall Endorsement offers expanded digital technology
coverage providing out-of-pocket recall coverage for expenses arising
from a technology product recall as well as the costs to repair,
restore, or replace the recalled product(s).
Underwritten through ACE Westchester Professional Risk, the company’s
excess and surplus lines business, the new ACE DigiTech and Product
Recall endorsement offers integrated technology, errors and omissions,
privacy liability, and network security liability coverage designed for
the unique needs of technology companies. This enhancement also helps to
protect the insured’s balance sheet and brand name by reimbursing them
for their financial loss resulting from a recall.
“In today’s global economy, the possibility that a manufacturing defect
could cause a financially catastrophic product recall is an unfortunate
reality. In response to market demand, we are expanding our digital
technology product offering to bridge a possible gap in coverage for
manufacturers of component parts and hardware for technology companies,”
said Mark Wells, Vice President, ACE Westchester Professional Risk. “We
are continually working to help protect our clients’ technology products
and services, as well as their computer systems, personal information,
and confidential third- party corporate information. By offering recall
and replacement costs coverage, this new product helps protect our
clients’ balance sheet as well.”
“ACE has become a leader in the industry by providing sophisticated
solutions to complex insurance issues. This innovative expansion of our
digital technology product offering also provides coverage for
out-of-pocket recall expenses and allows ACE to extend coverage to
companies who must also deal with the costs of a financially
debilitating recall,” said Florian Beerli, Senior Vice President,
Product Recall, ACE Westchester.
The new ACE DigiTech and Product Recall Endorsement provides coverage
for the following product withdrawal expenses resulting from a covered
claim:
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The cost of announcements or commercials concerning the recall
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The cost of shipping the recalled product
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The cost of disposal of the recalled product
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The actual cost to redistribute any recalled product
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The costs to repair the affected recalled product
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The cost to produce or acquire a like replacement product
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The cost of unsold finished stock
Product highlights are summaries only; please see the actual policy for
terms and conditions. Products may not be available in all locations and
remain subject to ACE Professional Risk and ACE Product Recall’s
underwriting criteria. To learn more about ACE Westchester Specialty
Group’s products and services, please visit our
website.
ACE Group is one of the world’s largest multiline property and casualty
insurers. With operations in 54 countries, ACE provides commercial and
personal property and casualty insurance, personal accident and
supplemental health insurance, reinsurance, and life insurance to a
diverse group of clients. ACE Limited, the parent company of ACE Group,
is listed on the New York Stock Exchange (NYSE: ACE) and is a component
of the S&P 500 index. Additional information can be found at www.acegroup.com.
Source: ACE Group