PHILADELPHIA--(BUSINESS WIRE)--
ACE Group today announced the release of a new advisory entitled,
“International Employers’ Liability Trends Affecting the Manufacturing
Sector,” which examines the rising cost and major expense of employers’
liability insurance for U.S.-based manufacturing companies operating
outside of the United States. The advisory discusses issues surrounding
the management of employers’ liability expenses, and the importance of
adhering to local regulatory requirements through a focused approach of
proper loss controls and the implementation of a well-structured global
insurance program.
“With our Foreign Casualty practice’s vast scope of products, services
and expertise, we are committed to providing practical information on a
wide range of relevant issues to U.S.-based multinational businesses
that have operations or employees who travel outside the U.S.,” said
Bryan Tedford, Senior Vice President, ACE Foreign Casualty. “This
advisory reports on employers’ liability insurance, which ranks as one
of the biggest expenses for multinational manufacturing companies. Our
goal is to assist these entities in managing potential exposures through
helping them design and manage a comprehensive global insurance program.”
The new ACE Advisory was co-authored by Joerg Reinholdt, Senior Vice
President, National Field Operations, ACE Foreign Casualty and Steven
Schwartz, Vice President, ACE Foreign Casualty. The advisory is part of
a larger series of papers that ACE produces that are designed to provide
useful information on current industry topics faced by risk managers.
The advisory highlights several recent international legal and risk
management developments in the United Kingdom, Europe and China that
could have an impact on employers’ liability costs for manufacturers.
According to Mr. Reinholdt, “Whether a manufacturer operates inside or
outside the United States, it must always comply with the laws and
regulatory requirements of the jurisdictions where it conducts its’
operations. When those laws and regulations change or when new trends
emerge, it can often have an impact on insurance costs as well as other
operating expenses.”
In conjunction with complying with international laws and regulations,
manufacturers should consider integrating their employers’ liability
insurance coverage into a global program to help control their overall
insurance costs. Mr. Schwartz commented, “Manufacturers that bring
employers’ liability insurance into a global insurance program are often
in a better position to understand claims trends and control losses,
which then allows them to take potential corrective actions and reduce
losses. Additionally, when seeking employers’ liability insurance, it is
important that manufacturers consider working with an insurance carrier
that has a strong global presence and the ability to place admitted
policies in local markets.”
To access the report, please visit
our website. The material presented in this report is not intended
to provide legal or other expert advice. It is presented as
informational only. Readers should consult legal counsel or other
technical experts, as applicable, with any specific questions they may
have.
ACE Foreign Casualty, a division of ACE USA, specializes in providing
international casualty insurance programs for exposures outside the
U.S., including specialty products for small, mid-sized and large
U.S.-based companies, non-profits and educational institutions.
Offerings range from simple package policies to complex multinational
programs with sophisticated risk transfer options. For more information please
visit our website.
ACE USA is the U.S.-based retail operating division of ACE Group, and is
rated A+ (Superior) by A.M. Best Company and AA- (Very Strong) by
Standard & Poor’s. ACE USA, through its underwriting companies, provides
insurance products and services throughout the U.S. Additional
information on ACE USA and its products and services can be found at www.acegroup.com/us.
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 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