This new product is targeted at haulage & logistics operators and contractors as well as operators of other commercial motor fleets.
"Traditionally commercial motor policies limit the claims payment for damage to third party property to GBP 5m and sometimes even as little as GBP 1m" said John Line, Excess Casualty Manager at ACE. "Well publicised accidents such as Selby in 2001, not to mention a spate of fires in road tunnels on the continent, brought home to us the inadequate levels of cover provided by most commercial motor policies" he said.
By providing additional cover of up to GBP 5m in excess of the commercial motor policy, ACE Europe is helping commercial vehicle operators to ensure that they are adequately protected from multi-million pound property damage claims. "Unfortunately the frequency of this size of property loss can only increase as time passes" said John, "Is it really worth taking the risk of a big hit when top-up cover is available at a modest premium?" he added.
Even higher limits may be available when this cover is purchased in conjunction with Excess Employers liability, Public and Products Liability.
Notes to Editors:
The ACE European Group comprises the businesses of ACE Europe, ACE Global Markets and ACE Tempest Re (Europe).
ACE Europe is the principal retail brand for the ACE European Group, providing tailored property and casualty, accident and health and personal lines solutions for a diverse range of clients. ACE Europe underwrites through the UK-based, FSA-regulated ACE European Group Limited.
ACE European Group Limited has FSA permissions to underwrite all 18 classes of insurance and reinsurance business through its established branch network in 15 countries, Freedom of Services permissions to underwrite business in 27 European countries, excess & surplus lines eligibility in 37 US states and the ability to underwrite reinsurance in most countries.
ACE Global Markets (AGM) is ACE's specialty international business, underwriting through ACE European Group Limited and ACE's Lloyd's Syndicate 2488. Specialty lines include excess and surplus, marine, aviation, energy and political risk as well as property, financial lines business and accident and health. Syndicate 2488 holds an Aa3 financial strength rating from Moody's, one of the highest in the Lloyd's of London market.
The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients. ACE Group conducts its business on a global basis, with operating subsidiaries in more than 50 countries. Additional information can be found at www.aceeuropeangroup.com
ACE European Group
Miles Russell, 020 7173 7578