ACE UK has launched a multinational cover, which it described as “addressing the compliance challenges faced by companies operating in multiple regulatory regimes. The move is part of ACE GPSSM (Global Programme Solutions), a new client-focused platform to support the delivery and management of multinational clients’ insurance programs and risk exposures.”
ACE said the new program provides “local policies in relevant territories,” as well as “non-admitted polices where permissible.” ACE’s master multinational policies will “indemnify a business’ parent company on a DIC/DIL (difference-in-conditions/difference-in-limits) basis, for its own financial loss and not the losses suffered by their overseas entity.
“This approach will help businesses to better address legal and tax requirements with contract certainty and clear accountability in major programmes across multiple jurisdictions,” the bulletin explained.
Phil Sharpe, Director of Casualty and Major Risks, ACE UK & Ireland, noted: “The ability to operate effectively across different regulatory and legal regimes is increasingly important to multinational businesses. ACE GPSsm enables us to meet this need and offer multinational clients the most effective and compliant global solution available.”
The ACE GPSSM program “brings together the company’s global capabilities including the full range of Property & Casualty, Specialty and Accident & Health lines, its underwriting, international network, global client management, servicing and claims expertise.”
ACE also pointed out that as an “integral part of the platform, the company has launched a web-based portal called ACE WorldviewSM. The portal enables risk managers to monitor and manage their entire global insurance program, including information on all policies and claims from their desktops.
“Other features to be offered as part of ACE GPSsm include access to the ACE Insurance Directory, the company’s own research tool used by its underwriting, account management and legal teams and Global RiskAdvantage, ACE’s multinational loss-reporting tool.
Sharpe added: “ACE GPSsm is designed to provide risk managers and brokers access to the full range of our global capabilities within a dynamic platform that will provide a tailored solution to businesses across sectors and geographies.
“ACE GPSsm represents a significant step in our commitment to support multinational businesses. As one of very few truly global insurers, we work with our clients to ensure that they continue to grow in the current economic climate and beyond.”
Source: ACE UK
Was this article valuable?
Here are more articles you may enjoy.
4,800 Claims Handled by Unlicensed Adjusters in Florida After Irma, Lawsuit Says 
Trump’s Bond Insurer Tells Judge Shortfall Is ‘Inconceivable’ 
California Sees Two More Property Insurers Withdraw From Market 
Allstate Reports $731M in Q1 Pretax Catastrophe Losses 
