News Releases

Ace Expands Loss Protection Cover to Offer Dedicated It Networks and Systems Solution
Sep 5, 2005
LONDON--(BUSINESS WIRE)--Sept. 5, 2005--Leading insurer ACE European Group (NYSE:ACE) has today launched Computerguard, the latest in its suite of loss protection products to cover financial losses relating to IT hardware and system problems. For the first time in the market ACE now offers bespoke cover, removing the need for brokers and risk managers to shop around for separate network and computer protection products. 

ACE Computerguard covers financial losses resulting from physical damage to, and breakdown of computers. Cover includes the cost of replacing damaged computer hardware, the reinstatement of lost programmes or data, and the increased working costs as a result of the caused.

Combining Computerguard with ACE's Dataguard product - a policy which helps to recover revenue and information that is corrupted or destroyed through crime or as a result of accidental damage - backed up by a highly-experienced underwriting team, means ACE now provides market leading access to a broad range of bespoke cover for all IT related risks.

Shaun Cooper, Senior Underwriter for Computer Network underwriting at ACE said: "A recent survey of 250 senior risk managers from across the world, conducted by the Economist Intelligence Unit and supported by ACE, showed network risk was viewed as a significant and growing threat to their organisations. This group also saw network risk and the threats of data and systems crime as a significant threat to business reputations.

"ACE has developed this range of IT products in response to a growing need amongst risk managers for cover that actually meets their requirements. Traditional property and liability policies generally do not cover damage to intangible assets, leaving companies vulnerable in the event of a major computer attack. Technology cannot guarantee network security so in order to protect digital assets and reduce liability exposures, specialised insurance solutions are required.

"Both Computerguard and Dataguard are designed to ensure complete peace of mind for IT managers, whether for data loss - more and more UK companies are finding themselves exposed to the costs of business recovery and these costs can average up to GBP 200,000 per incident - or for the cost of physical damage and breakdown to computers. The combined result of these products is to offer a complete business protection service against the full range of network loss."


Notes to editors:

ACE Computerguard Computer Insurance Policy - Levels of Cover:

Section 1 - Damage to Property

Damage to Property owned or on deferred purchase, lease, hired or rented to the Insured whilst at their premises or in transit anywhere in the world.

Cover includes transit and for risks outside of the UK or Republic of Ireland but is limited to 10% of the Sum Insured or GBP 100,000, whichever is the lower, for any one incident of Damage or series of incidents from a common cause.

Cover includes "full theft" i.e. we do not have a violent and forcible entry warranty on our policy.

Section 2 - Loss of Data

Subject to the Sum Insured on the schedule we will pay, following the Loss of Data whilst situated or in transit anywhere in the World, the costs necessarily and reasonably incurred by the Insured to reinstate such programmes and/or data.

Section 3 - Increase in Cost of Working

Subject to the Sum Insured if the computer operations of the Business are interrupted or interfered with due to the occurrence during the Period of Insurance of an Insured Event we will pay as Increase in Cost of Working the additional expenditure necessarily and reasonably incurred by the Insured during the Indemnity Period in consequence of such interruption or interference.

We include Loss of Interest subject to a limit of 10% of the Sum insured stated in the schedule.

Main Exclusions

Equipment in building of non-standard construction, unless specifically agreed.


Unproven software.

Damage to Property or loss of data where recoverable under a maintenance, rental, hire or lease agreement or guarantee.

Proprietary software and data backups unless stored in line with manufacturers recommendations regarding storage of data.

Basis of Reinstatement

When the items are stolen or damaged beyond economic repair we will reinstate with property of equal performance or capacity but where this is not possible by equipment of the nearest higher performance or capacity.

If the item can be repaired we will return the item to a working condition substantially the same as but no better or more extensive that its condition when new.

Additional Benefits

Accidental discharge of gas flooding systems - GBP 10,000 limit

Additional property - 20% of sum insured up to GBP 250,000

Automatic reinstatement of sum insured

Computer virus seek and destroy cover

Consulting engineers fees and costs - up to GBP 25,000

Debris removal - 10% of sum insured up to GBP 50,000

Incompatibility of computer records

Misuse or contamination of computer systems - up the loss of data limit subject to a maximum of GBP 100,000

Temporary repair costs / expediting costs - up to GBP 25,000.

Important Note

This information is intended purely as an indication of cover provided and the causes excluded, full details of cover should be obtained from the ACE computer insurance policy wording.

The ACE European Group comprises the operations of ACE Europe, ACE Global Markets and ACE Tempest Re Group. With an established presence in 16 countries across Europe and Freedom of Services permissions to operate in 27 European countries, ACE Europe provides a range of tailored Property and Casualty, Accident and Health and Personal Lines solutions for a diverse range of clients. ACE Global Markets (AGM) is ACE's specialty international business, underwriting through ACE's Lloyd's Syndicate 2488 and UK registered company ACE European Group Limited. Specialty lines include excess and surplus lines business, Marine, Aviation, Energy and Political Risk as well as Property, Financial Lines and Accident and Health. Additional information on ACE European Group can be found at

The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE:ACE), a component of the Standard & Poor's 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at:



Miles Russell, +44 (0) 207 173 7585
Katie Weeks, +44 (0) 207 173 7585