LONDON--(BUSINESS WIRE)--
ACE Group today announced the launch of ACE Political Violence and
Terrorism Plus, a multinational political violence and terrorism
insurance solution available for businesses in Continental Europe, the
Middle East and Africa and Asia Pacific.
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Piers Gregory, Terrorism & Political Violence Product Head, ACE Overseas General (Photo: Business Wire)
ACE Political Violence and Terrorism Plus continues to provide
comprehensive, market-leading multinational cover through ACE’s
extensive global network. It also offers integrated cover across the
full spectrum of terrorism and political violence perils, now including:
-
Bomb hoax threat – such threat is a real concern for clients
and ACE is one of the first insurers to include it in its coverage.
-
Transit cover – cover for goods in transit traditionally
excluded from this type of policy.
-
Looting and pillaging directly following an insured peril –
this is excluded in most wordings but is a very important extension in
many parts of the world and especially for clients in the retail
sector.
-
Time element select – insured benefits from variable and
integrated Business Interruption (BI) cover, offering them flexibility
as to how they choose their BI cover to respond once the loss has
occurred.
-
Contingent business interruption extensions – including denial
of access, public utilities and customers and suppliers extensions.
All these are usually excluded from a regular BI extension, but
available under the ACE Political Violence and Terrorism Plus policy.
-
Capital additions and new acquisitions – a useful extension for
clients that are expanding, ensuring they have cover in place for new
locations within existing territories.
-
Other insurance clause – by stating clearly that this policy
will be primary in the event of other policies being in place, this
clause removes issues around contribution and delays in claims
payments when questions arise over which policy must respond first.
-
Group interdependency – traditionally excluded from this type
of policy. This will provide coverage to both the main premise that
suffers a loss as well as those dependent premises affected by the
loss.
-
Loss of control clause – provides greater clarity in the event
of government authorities causing significant property damage in an
attempt to mitigate a terrorism attack.
ACE Political Violence and Terrorism Plus has been designed to respond
to the change in clients’ needs as demand for cover is increasing and
geopolitical risk remains unclear.
Piers Gregory, Terrorism & Political Violence Product Head, ACE Overseas
General, said:
“With the launch of ACE Shield in 2012, and our recently announced
increase in capacity offered of up to USD$100m, ACE has continued to
establish its market position as a leader and innovator in terrorism and
political violence risk solutions.
“Coupled with the unrivalled strength of the ACE network globally and
the expertise and experience of our dedicated underwriting team, clients
can rest assured that they are getting the most comprehensive cover
possible for this constantly evolving and challenging risk.”
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
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Source: ACE Group