Ace Europe Expands IT Loss Protection

September 6, 2005

The ACE European Group announced the launch of “Computerguard,” which it described as “the latest in its suite of loss protection products to cover financial losses relating to IT hardware and system problems.”

ACE said the new product is the first to offer “bespoke cover, removing the need for brokers and risk managers to shop around for separate network and computer protection products. ACE Computerguard covers financial losses resulting from physical damage to, and breakdown of computers. Cover includes the cost of replacing damaged computer hardware, the reinstatement of lost programmes or data, and the increased working costs as a result of the caused.”

The new cover can be combined with “ACE’s Dataguard product – a policy which helps to recover revenue and information that is corrupted or destroyed through crime or as a result of accidental damage – backed up by a highly-experienced underwriting team, means ACE now provides market leading access to a broad range of bespoke cover for all IT related risks,” said the announcement.

Shaun Cooper, Senior Underwriter for Computer Network underwriting at ACE, commented: “A recent survey of 250 senior risk managers from across the world, conducted by the Economist Intelligence Unit and supported by ACE, showed network risk was viewed as a significant and growing threat to their organisations. This group also saw network risk and the threats of data and systems crime as a significant threat to business reputations.

“ACE has developed this range of IT products in response to a growing need amongst risk managers for cover that actually meets their requirements. Traditional property and liability policies generally do not cover damage to intangible assets, leaving companies vulnerable in the event of a major computer attack. Technology cannot guarantee network security so in order to protect digital assets and reduce liability exposures, specialised insurance solutions are required.

“Both Computerguard and Dataguard are designed to ensure complete peace of mind for IT managers, whether for data loss – more and more UK companies are finding themselves exposed to the costs of business recovery and these costs can average up to GBP 200,000 per incident – or for the cost of physical damage and breakdown to computers. The combined result of these products is to offer a complete business protection service against the full range of network loss.”

ACE European Group offers Specialty lines including 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.

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