LONDON--(BUSINESS WIRE)--ACE European Group (ACE) (NYSE:ACE) has today announced that its Commercial Premises Pollution Liability (PPL) product is available online via its fully automated e-commerce platform – ACE Online.
ACE is the first in the market to offer brokers access to environmental cover via an online system which allows them to automatically quote, bind, renew and adjust policies via the system - saving both administration time and money. The whole process can be managed online in one simple transaction.
Any business that owns or operates, or buys or sells land may find itself exposed to environmental liabilities due to current or historic activities on the property. The ACE Online PPL product has been designed and priced to meet the needs of small and medium-sized businesses in the UK in managing such environmental liabilities. It recognises their exposures under existing legislation and the European Union’s (EU) Environmental Liability Directive, which comes into force today. The directive enforces the principle that the polluter pays for any required clean up of property, ensuring natural resources (‘biodiversity’) are returned to their original ‘baseline condition’.
There are a number of coverage options available, including historical and ongoing operational exposures; third-party liabilities and first-party clean up costs for multiple premises potentially over a multi-year policy period.
Karl Russek, Senior Vice President, ACE Environmental Risk comments: “It is crucial to consider that many UK businesses face environmental exposures which are simply not covered by their standard liability policies. ACE’s PPL insurance products are designed to fill such gaps in coverage. With the introduction of the EU Directive today, these exposures and resultant costs are clearly increased further. By making our product available through ACE Online, we are enabling brokers to extend their distribution base and offer every size of business in the UK an affordable and simple solution to the environmental risks they face.”
ACE’s PPL product is the third product available through ACE Online. UK Directors and Officers (D&O) was the first product to go live in September 2006, closely followed by a French D&O product. More products are scheduled to follow during 2007, both in the UK and on the Continent.
Notes to Editors:
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
Katie Weeks, + 44 (0) 20 7173 7585