ACE Launches New Multinational Political Violence and Terrorism Cover
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.
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20151019005077/en/
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.”
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.
Nicholas Mandalas - Regional Communications Manager, Europe, Eurasia & Africa
T: +44 20 7173 7793
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