LONDON--(BUSINESS WIRE)--ACE has launched a challenge to the UK market with the launch of ACE Spectrum, a combined package policy which offers a new minimum standard of protection for large to medium companies. ACE Spectrum recognises the need for combined insurance solutions to address new and emerging risks, such as increased environmental exposures and growing threats to data and computer networks.
In addition to offering a very broad range of P&C covers, ACE Spectrum addresses significant gaps in coverage associated with most package policies, such as environmental and network risks. ACE Spectrum also covers Personal Accident, Travel, CAR, Fidelity Guarantee, Marine and computer breakdown. Furthermore, the ACE proposition extends to include D&O, E&O and Pension Trustees Liability.
Unlike most carriers, ACE has an extensive global network of offices and expertise in coordinating insurance solutions for companies with international exposure. With a growing number of UK businesses venturing overseas for the first time, this aspect of ACE Spectrum can provide much needed support at a key stage in a company’s development.
Commenting on the launch of ACE Spectrum, Stephanie Cryer, ACE’s Commercial Property and Package Manager, said: “ACE Spectrum reflects our concern that the insurance programmes of many large to medium UK businesses are not designed to contend with modern day assets or the exposures of 21stcentury business. Brokers have an ongoing responsibility to reassess the needs of clients who are faced with exposures that may be uninsured under many traditional package wordings.
“The threats to data and network security are just one example of a growing exposure faced by modern business which should be addressed in any combined insurance solution. In a recent Economist Intelligence Unit risk management survey, sponsored by ACE, almost half of respondents said that less than a single day of network downtime could jeopardise the future of their company. In the US, recent research shows that 25% of companies which experienced a power outage of two to six days went bankrupt immediately. ACE Spectrum seeks to address this head on.
“Similarly, businesses are facing increased environmental liabilities arising from new regulatory changes such as the EU’s Environment Directive effective April 2007. Until now, broad pollution cover was seen as complex and expensive, thus beyond the reach of most companies. ACE Spectrum offers a broad range of flexible protection and is more affordable and accessible than ever before.”
Recognising the importance of getting companies back on their feet following an incident of fire or water damage, ACE Spectrum offers a range of added value services to insureds including a disaster recovery service called ‘ACE Alert’. In partnership with BELFOR, the world’s premier disaster recovery and damage limitation organisation, ACE Alert provides a guaranteed response time and a priority call out service in instances of emergency.
ACE Spectrum also provides clients with discounted access to Risk Matrix, a web-based, comprehensive business continuity planning, risk identification and management tool, developed by Depend Group Ltd.
Notes to editors:
Sections covered by Spectrum include:
ACE European Group has established branch offices in 19 countries across Europe, Freedom of Services permission to provide insurance services to clients in 29 EEA countries and affiliates in Egypt, Bahrain, Pakistan and Russia.
Part of the ACE Group of Companies, ACE European Group comprises the operations of ACE Europe, ACE Global Markets and ACE Tempest Re Group. 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 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