LONDON--(BUSINESS WIRE)--
ACE European Group Limited today announced two further enhancements to
its UK property and casualty policy wordings, as it embraces the UK
Insurance Act 2015 ahead of it coming into force in August 2016. The
changes represent the latest step in ACE’s ongoing commitment to listen
to customers and focus on their needs when designing cover, managing
risk or settling claims.
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David Robinson, Regional President UK & Ireland, ACE (Photo: Business Wire)
ACE’s commitment follows its early lead in removing the ‘basis of
contract’ clauses from its UK policy wordings in 2013. From today, two
clauses will be applied to new and renewing UK property and casualty
policies issued by ACE European Group Limited to clients domiciled in
the UK and incepting from 1st August 2015. They will be built
into all insurance products going forward including property,
construction, boiler and machinery, all casualty lines, commercial
directors’ and officers’ liability, commercial professional indemnity,
financial institutions, commercial crime, environmental impairment
liability, accident and health and marine insurance.
Warranties clause
-
Breach of warranty will no longer permanently discharge insurer’s
liability. If the breach of warranty is remedied prior to loss, cover
will remain in place
Remedies for non-disclosure, misrepresentation
-
ACE will embrace the proportionate remedies outlined in the new Act in
the event of an innocent non-disclosure
ACE also announced that it is designing an educational programme to
provide expertise and support to broker partners interested in becoming
compliant ahead of the Act which it will roll out later in the summer.
David Robinson, Regional President, UK & Ireland, ACE Group said:
“ACE led from the front in removing basis of contract clauses from our
wordings based on feedback from Airmic members. The decision to be
proactive helps us to meet client expectations by improving the clarity,
protection and service we offer in the event of a loss, and promotes the
tripartite relationship between client, broker and insurer.
“The amended coverage terms and conditions provide clients with better
insight into their policies and they create a firm foundation from which
to build in the future.”
ENDS
About ACE Group
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
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Source: ACE Group