ACE USA Launches Two Coverage Products and Security Web Portal |
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Written by U.S. Insurance News
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Monday, 05 May 2008 |
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ACE USA, the U.S.-based retail operating division of the ACE Group of Companies, has introduced two new types of coverage and a Web portal to manage and mitigate cyber-security risks.
The first product, ACE Risk Management Commercial Close Out, allows clients with retentions up to $250,000 for Workers Compensation and Automobile Liability to budget the future premium necessary in order to close out their loss sensitive program.
"This product particularly focuses on responding to the risk management challenges of an insured with limited risk management resources to dedicate to administration of risk financing programs," explained Ken Riegler, executive vice president & operating officer, ACE Risk Management-Commercial Accounts. "ACE Risk Management Commercial Close Out is a solution that allows customers to have more peace of mind in mitigating deductible loss exposures."
Benefits of this coverage include: - Easier transition to loss-sensitive structures with embedded program certainty.
- A reduction of administration requirements of risk financing programs (billing, collateral, and program adjustments, for instance).
- Fully disclosed terms of close-out, including the predetermined loss development factor and premium computation formula, along with exact close-out date.
- Close-out terms contained within the program agreement executed at binding.
The second new product is ACE Foreign Supplier Liability Insurance, created for U.S.-based companies of all revenue sizes that purchase or distribute completed products or component parts from foreign suppliers. It offers global primary coverage for both U.S.-based companies and designated foreign suppliers against product liability claims arising from the U.S. companyís sale or distribution of foreign-sourced or manufactured products.
The product can offer primary and excess limits up to $5 million per occurrence or $10 million aggregate for the U.S. coverage option. The foreign coverage option offers primary limits up to $2 million per occurrence and $4 million aggregate. General aggregates are available on a per-supplier basis subject to underwriting review.
"With the ACE Foreign Supplier Liability Insurance product, U.S.-based companies have the option of obtaining worldwide coverage that can extend to their foreign subsidiaries, with the same terms and conditions - and with the full assurance that this coverage complies with U.S. and foreign regulatory requirements," commented Clint Johnson, executive vice president and head of Foreign Casualty for ACE Global Underwriting Group, which offers this product.
Benefits of ACE Foreign Supplier Liability Insurance include:
- Simplified risk management process for foreign suppliers.
- Single streamlined application for domestic and international coverage.
- Single global solution with coordinated policy issuance.
- State-of-the-art infrastructure and dedicated global services team.
ACE USA also has launched eRisk Hub™, an online loss-prevention resource to help policyholders manage their cyber risk. The portal is provided to all ACE policyholders who purchase privacy and network security coverage under the ACE Privacy Protection®, ACE DigiTech®, and ACE Digital DNA® lines.
The eRisk Hub provides triage support through its Incident HELP Hotline, staffed by security experts who help companies deal with post-breach regulatory, reporting, and crisis management issues. The eRisk Hub also helps policyholders stay current with best practices and regulatory guidelines and prepare detailed, comprehensive response plans.
Founded and managed by NetDiligence®, eRisk Hub features news and informative content from leading cyber-risk experts.
"Privacy and network exposures can be very complex and must be addressed quickly and appropriately," said Toby Merrill, assistant vice president for ACE Professional Risk. "We want policyholders to use the eRisk Hub as their one-stop-shop for the vital information and expert resources that can help minimize their network risks and access the necessary tools to react appropriately in the event of an incident." |
