The new ACE Package Pollution Liability is designed to make it easier and less costly for these companies to manage their environmental related risk and liabilities. ACE provides limits up to GBP 5million for a broad range of protection including both first and third party coverages. ACE Package Pollution Liability will be available as an endorsement to existing UK liability covers and as a new section in commercial package policies from ACE.
ACE believes this approach will assist brokers in addressing the lack of awareness of environmental liabilities amongst businesses of this size and make it easier for them to sell the product. Quotes for ACE Package Pollution Liability will be provided automatically on most types of smaller and mid-sized UK business. Underwriting is carried out in ACE's branch offices throughout the UK to ensure a faster response to enquiries and local control and decision-making - an important factor for brokers. ACE believes the extended cover will provide brokers with a clear differentiator when selling insurance products to existing and prospective clients.
Existing environmental liability products have traditionally been aimed at large companies with complex liabilities requiring broad coverage. ACE recognised an opportunity to design a product aimed specifically to meet the needs of smaller businesses. Buying cover as an extension to existing insurances makes it simpler and more cost-effective for them than buying a full stand-alone environmental liability product.
Medium and small sized businesses need extensive, cost-effective cover across a number of critical areas. These are all provided by the ACE product and include:
-- Coverage for sudden and gradual pollution
-- Coverage for on-site and off-site first-party cleanup
-- Automatic coverage for biodiversity (natural resource) damage
-- Damage to third party property, including diminution in value
-- Proactive claims support to minimise losses and their financial and reputational impacts on the business
Commenting on the addition of environmental liability cover to its liability and package business, Karl Russek, Senior Vice President, ACE Environmental Risk said: "It is not just large corporations which face potential environmental liabilities, so the competitive opportunity for brokers is clearly huge - particularly since the majority of British businesses are of a smaller size. These businesses are far less likely to be able to absorb the impact of an environmental problem. Environmental liability remains an uninsured risk that brokers can and should be addressing with their clients now."
Michael Furgueson, President UK & Ireland - ACE Europe, said: "This latest innovation demonstrates ACE's commitment to providing easy to access, sophisticated and specialist products and protection to UK businesses. This environmental cover is the latest in a line of new and enhanced property and casualty products launched by ACE Europe; and we will continue to extend our product offerings throughout this year."
Notes to editors:
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 www.aceeuropeangroup.com.
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: www.acelimited.com