LONDON--(BUSINESS WIRE)--
ACE Group today launched a suite of professional indemnity (PI) wordings
aimed exclusively at media companies domiciled outside the USA and
Canada as it continues to expand its specialist capabilities for this
growing sector of the economy.
Adelle Gruber, Professional Lines Underwriter, ACE Global Markets (Photo: Business Wire)
Technological developments are creating new challenges and risks for the
media industry. To respond to this rapidly changing and increasingly
complex risk environment, ACE has developed a suite of four new wordings
tailored for the digital age aimed at:
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Broadcasters
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Media companies
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Producers
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Publishers
The new wordings offer broad coverage for the specific exposures faced
by the media industry. In addition, clients will benefit from ACE’s
ability to respond to global professional indemnity and errors and
omissions requirements with worldwide jurisdiction as well as global
issuance of local policies.
The cover includes:
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Defamation, confidentiality and privacy coverage
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Breach of contract including breach of licence (where the insured
exceeds express limitations regarding the territory, duration or
medium of distribution of a third party’s copyrighted material), and
breach of authority (where the insured is committed to pay for media
space or print time but in respect of which the insured’s client
refuses to pay due to allegations that the insured acted outside of
their authority).
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Breach of intellectual property including coverage to pursue those who
have breached the insured’s intellectual property.
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Breach of comparative advertising regulation, the costs to withdraw
content which has been the subject of a complaint to OFCOM/the
Advertising Standards Agency in addition to standard mitigation
coverage.
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Defence costs for proceedings or investigations brought under the data
protection act.
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Subpoena defence costs to challenge the scope of any subpoena to a
court of England and Wales ordering disclosure of any information or
material relating to any confidential source.
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Cyber cover as standard.
Steve Driscoll, Product Head, UK and International Professional Lines,
ACE Global Markets, said: “While ACE has been providing professional
indemnity cover for many years, we are always looking at ways to respond
better to clients’ needs and develop our covers accordingly. In today’s
digital age, media companies face very specific exposures to which we
are responding with this suite of covers. In addition, our team of
underwriters brings with them a wealth of experience in underwriting
professional indemnity with Adelle Gruber who has significant experience
in the London market and Geoff Russell in dealing with our broker
community and customers in the regions outside London.”
-ENDS-
About ACE:
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 the ACE
Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a
component of the S&P 500 index.
ACE UK & Ireland’s five regions are:
· Ireland (Dublin and Belfast) · Scotland (Glasgow, Aberdeen) · The
North (Leeds, Manchester, Newcastle) · Midlands (Birmingham) · London
and South East (London, Maidstone, Reading, Watford)
Additional information can be found at: www.acegroup.com/uk
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20140821005035/en/
Source: ACE Group