Nuts & Bolts: ACE USA’s global terrorism unit is introducing a new insurance policy that protects businesses from losses caused by the need to evacuate their premises due to a threatened terrorist attack. The policy protects companies from loss of business income and mandatory evacuation expenses, even if there is no physical damage sustained. The ACE policy is designed to help safeguard those companies that may not be the target of the attack but are included in a mandatory evacuation because of their proximity to an event. The policy will cover loss of business income and evacuation expenses from the threat of an act of terrorism, whether certified or non-certified under TRIA. The coverage will be marketed through both retail and wholesale insurance brokers. Wholesale distribution will be coordinated through ACE Westchester Specialty Group.
Dollars: Policy limit is $25 million and there is no minimum premium.
Carrier: Illinois Union, rated “A” by A.M. Best, nonadmitted.
States Available: All.
Contact: Bill Wise, (215) 640-5242, or william.wise2@ace-ina.com
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