ACE Unveils ‘Spectrum’ P/C Policy

In what it described as a “challenge to the UK market,” Ace launched its new “Spectrum” coverage, which it described as a “combined package policy which offers a new minimum standard of protection for large to medium companies.”

ACE Spectrum aims to combine solutions and to address “new and emerging risks, such as increased environmental exposures and growing threats to data and computer networks.”

ACE said the new policy offers a “very broad range of P&C covers,” and also “addresses significant gaps in coverage associated with most package policies, such as environmental and network risks.” It also covers “Personal Accident, Travel, CAR, Fidelity Guarantee, Marine and computer breakdown,” said the bulletin, as well as D&O, E&O and Pension Trustees Liability.

ACE pointed to its “extensive global network of offices and expertise in coordinating insurance solutions for companies with international exposure.” UK companies, who increasingly do business outside of their national territory can therefore take advantage of this aspect of ACE Spectrum, which “can provide much needed support at a key stage in a company’s development.”

Stephanie Cryer, ACE’s Commercial Property and Package Manager, commented: “ACE Spectrum reflects our concern that the insurance programs of many large to medium UK businesses are not designed to contend with modern day assets or the exposures of 21st century 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 jeopardize the future of their company. In the US, recent research shows that 25 percent of companies which experienced a power outage of two to six days went bankrupt immediately. ACE Spectrum seeks to address this head on.”

She also singled out new European Union directives concerning environmental liabilities, notably the EU’s Environment Directive effective April 2007, which need to be addressed. ACE’s policy aims to make this “highly complex and expensive” coverage, which has been “beyond the reach of most companies,” more accessible.

Nor has ACE neglected more mundane incidents, such as “fire or water damage. The policy offers help for companies to “get back on their feet” following such incidents, through “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 organization, 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.