News Releases

ACE USA & ACORD Announce Collaboration and Release of Supplemental Forms to Address Dramatic Growth of International Exposures
Jul 29, 2005
PHILADELPHIA--(BUSINESS WIRE)--July 28, 2005--ACE USA, the U.S.-based retail operating division of The ACE Group of Companies, joined with The Association for Cooperative Operations Research and Development (ACORD) to announce the release of ACORD Forms 125, 815 and 816: Commercial Insurance Application, International Liability Exposure Supplement, and International Property Exposure Supplement. These forms, which will serve as industry standards, were designed to address gaps in coverage in international exposures facing companies doing business overseas. 
 

Underwriters with expertise in international exposures from ACE USA's International & Specialty Group and ACORD's P&C Forms Standing Working Group together created these new standard forms, responding to the growing needs of the commercial insurance industry in the United States.

"International trade in the U.S. now accounts for approximately one-third of the Gross Domestic Product, and, the need for U.S. businesses to minimize their international exposures has never been more critical," said Andrew MacKinnon, Senior Vice President, ACE USA International & Specialty Group. "We are pleased to work with our partner ACORD to provide underwriting input on the range of international exposures to create much-needed supplemental applications for our key stakeholders, agents and brokers."

"ACORD is happy to see the speed and efficiency with which these forms were created and adopted," said Lloyd Chumbley, Assistant Vice President, Standards, ACORD. "This shows how ACORD and its members can share expertise to support the industry with the standards."

Based in New York, ACORD (Association for Cooperative Operations Research and Development) is a global, nonprofit insurance association whose mission is to facilitate the development and use of standards for the insurance, reinsurance and related financial services industries. With offices in London as well, ACORD accomplishes its mission by remaining an objective, independent advocate for sharing information among diverse platforms. ACORD standards and services improve efficiency and expand market reach. Affiliated with ACORD are hundreds of insurance and reinsurance companies and thousands of agents and brokers, related financial services organizations, software providers, and industry organizations worldwide.

ACORD forms are available through the ACORD Web site at http://www.acord.org as PDF files. Members can download the forms 24/7 from any location with an Internet connection.

ACE USA is the U.S.-based retail operating division of The ACE Group of Companies, headed by ACE Limited (NYSE:ACE), and is rated A (Excellent) by A.M. Best Company and A+ (Strong) by Standard & Poor's. ACE USA, through its underwriting companies, provides insurance products and services throughout the U.S. Additional information on ACE USA and its products and services can be found at www.ace-ina.com. The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients around the world.

 

Contact:

ACE INA Communications
Media Contact: 
Carla Ferrara, 215-640-4744
carla.ferrara@ace-ina.com


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