ACE USA, the U.S.-based retail operations of the ACE Group, has expanded its catastrophe management insurance products with the introduction of the ACE Cat Management 2.5 endorsement by its ACE Excess Casualty Unit. This endorsement is designed to supplement ACE’s catastrophe management endorsement by offering up to $2.5 million of additional limits to eligible insureds, and expanding the payments for managing threats to an insured’s reputation and other expenses directly related to catastrophic events.
“Negative media coverage stemming from catastrophic casualty events presents challenges to companies seeking to mitigate losses and protect their reputations. In this era of skyrocketing social media networking activity, companies face increased reputational damage, particularly since information is disseminated without the benefit of verification prior to publication,” said Carol Laufer, executive vice president, ACE Excess Casualty. “As a result, companies must be prepared for the potential damage to reputation in addition to any underlying liability, when facing disparaging remarks posted in the public domain. They must restore trust amongst their stakeholders.”
ACE helps firms mitigate the financial and reputational risks associated with catastrophes, covering first-party catastrophe management expenses and providing access to a suite of umbrella liability products and other benefits. Targeted industries include hospitality, real estate, manufacturing, electronic, service, wholesale distribution, financial institutions and energy.
Some benefits of the new endorsement include:
- A catastrophe management-specific aggregate limit of liability available for purchase of up to $2.5 million, with premium and coinsurance associated with the additional limit
- 24/7 toll free access to notify ACE of the event and request coverage
- Synergy for clients who choose to purchase ESIS Catastrophe Services, the ACE Group’s catastrophe claim administration and crisis response management service
- Coverage for costs associated with securing the scene following a catastrophe management event, as well as affected emergency third-party funeral costs, psychological counseling costs and temporary living costs
- Emergency medical evacuation and repatriation of injured persons and two family members or other traveling companions when adequate medical facilities are not available
- Coverage for the costs of testing by an independent laboratory to determine the cause of illness or disease from contamination of food
- Coverage for the costs of the employment of engineers, scientists or other professionals for the purposes of rescue or attempted rescue
- Coverage for costs for retaining a qualified public relations or crisis communications firm, for managing reputational risk
- Coverage for travel-related costs for directors, officers and others to manage the repercussions of the catastrophic event
- ACE global network capabilities with ACE-owned offices and long-term network partners
This new endorsement is designed for companies whose ACE Excess Casualty unit’s policies attach over a general liability primary policy or retention of $5 million in limits or higher. The endorsement is triggered when there is a catastrophic event resulting in traumatic bodily injury or severe property damage that is likely to result in damages covered by the lead excess policy.
Insurance is provided by ACE Property and Casualty Insurance Company, Philadelphia, PA, or, in some jurisdictions, other insurance companies within the ACE Group. All products may not be available in all jurisdictions.