LONDON--(BUSINESS WIRE)--
ACE Group today announced the launch of ACE Tech Pro, a comprehensive
insurance solution for technology companies, as part of its strategy to
meet the changing professional liability needs of different industries
in Continental Europe.
ACE Tech Pro is designed to support technology companies in Continental
Europe, from consultants working alone or in smaller and medium-size
businesses, through to upper mid-market and larger companies, including
European-based multinationals requiring bespoke global insurance
programmes.
The policy covers the pure financial losses of a third party due to
wrongful acts committed by the insured, including its employees, during
the normal exercise of their duties across different countries. This
includes malpractice, errors or omissions, negligence and reckless acts,
project delay, accidental disclosure, breach of confidentiality and
privacy breach as well as lack of performance.
ACE Tech Pro also covers insureds for defamation, transmission of a
computer virus, loss of documents, infringement of intellectual property
rights and defence costs in connection with a covered claim.
The proposition consolidates ACE’s existing professional indemnity
offering in a number of countries, while additionally extending it to
new markets. It was launched in France in 2014 and will be rolled out to
other core markets during 2015 including – for the first time – Spain,
Italy, Poland, Switzerland, the Czech Republic and the Nordic region. It
also offers market-leading extensions, including:
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Outstanding fees: payment of the insured’s outstanding fees in
the event that a third party threatens to bring a claim against the
insured for an amount greater than the outstanding fees if the Insured
attempts to recover them.
-
Key man loss: in case of death or temporary disability longer
than three months of a project manager, payment of headhunter fees to
replace this person.
-
Reputational crisis management: payment of PR agency fees to
help restore the reputation of the insured.
Grant Cairns, Regional Manager, Financial Lines for ACE in Continental
Europe, said:
“In today’s more litigious environment, technology firms of all types
that provide professional advice, handle customer data and work with
intellectual property can find themselves subject to legal challenge
regarding the services they provide. Increasingly, many of the
technology industry’s clients also expect insurance cover to be in place
and may ask to see an insurance certificate.
“ACE Tech Pro is an excellent example of ACE’s ability to offer brokers
and clients market-leading, flexible professional indemnity solutions
across different industries. For smaller businesses in France, our
easy-to-use online EASYACE platform provides the cover they require at a
competitive price with minimum administration for the broker while for
larger multinational businesses, our European team has extensive
expertise in implementing effective and compliant global programmes”.
Jeff Moghrabi, Regional President, Continental Europe at ACE, said:
“ACE Tech Pro responds to the dynamics of the changing market for tech
companies and reflects our capability to tailor professional indemnity
solutions to the needs of Continental Europe’s specialist and
fast-growing industries and sectors. Brokers can also access ACE Tech
Pro as part of a wider casualty solution at ACE that potentially covers
all their clients’ liability risks.”
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.
Visit www.acegroup.com/eu
Source: ACE Group