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LONDON--(BUSINESS WIRE)--With international trade at the heart of the coalition government’s foreign and economic policy, financial support has been pledged amidst the recent cuts. Many would-be exporters have already identified the US as offering huge potential for growing their bottom line, with 40%¹ of all UK trade being with the US. By supplying just a small percentage of the 300 million plus consumers², this presents an unquestionable opportunity highlighted recently by David Cameron’s comments³ encouraging British businesses to focus on winning export opportunities, in an otherwise stagnant marketplace.

ACE’s Corporate Liability Team are urging UK businesses to carefully consider the risks, as well as the opportunities that this vast market provides.

Charlotte Williams, UK Corporate Casualty Manager, said, “Many experienced organisations are of the belief that if their product is safe enough for their UK domestic markets, then, it is safe enough for the US marketplace, this is usually their first mistake. Legal and risk management advice, along with insurance programme design, need to cater for the differing exposures that the US trading environment will bring.’

“The US legal system has some unique characteristics that need to be understood.” Ms Williams continued “Companies can be found liable in circumstances they are unlikely to be in the UK. Legal fees and medical costs drive up settlement values to levels that can potentially affect the future viability of an organisation. ACE ’s liability insurance offering can include cover for US jurisdiction and vendors indemnity for UK companies exporting to the US, without imposing restrictions on the value of export, which underlines our wish to understand our clients’ challenges when exporting to the US”

ACE has drawn on its considerable experience in the export area to develop a risk management guidance paper in addition to their suite of insurance covers. Broker partners can contact ACE to obtain this publication and discuss how to support clients further in this field.

Ms Williams concluded “We believe we are giving our clients a genuine advantage in a competitive world. A good understanding of opportunities and risks are the foundations of success – insurers will compensate losses after an incident, but at ACE we are focussed on preventing these negative events from occurring at all.”

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About ACE
Part of the ACE Group, 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

Celebrating 25 years of insuring progress, the ACE Group is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE:ACE), a component of the S&P 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.acegroup.com.

¹ 40% - 40% of UK trade is with the USA. IoD International Trade Forum website http://www.iod.com/
² 300 million consumers – from U.S. Census Bureau, Population Division - Last updated October 22, 2010
³ Mr Cameron’s quotation can be found on the IOD website: http://www.iod.com/Home/Training-and-Development/Conferences-and-Seminars/Conference-and-Seminar-List/IoD-International-Trade-Forum/Default.aspx