ACE Group has launched ACE Multinational Partner, an enhanced package of comprehensive property and casualty insurance cover spanning traditionally separate lines of business, for U.K. and Ireland based companies with one or more overseas subsidiaries.
During 2014, the ACE project team spoke with around 30 U.K. broker organizations to identify how multinational insurance solutions could be better structured to support the changing needs of their clients as they expand internationally. The common themes that emerged from this research were the need for flexibility, coherence and easily tailored solutions, combined with the importance of seamless coverage across a client’s international operations and traditional insurance lines.
Emphasis was given to the importance of clear and relevant solutions for those organizations that are just beginning to trade on a multinational basis or operate in a limited number of overseas territories.
ACE Multinational Partner has been designed to meet these needs as well as the requirements of the U.K.’s Insurance Act 2015, due to take effect next year. At the heart of the new proposition is a recognition of the importance of a globally compliant insurance program in an increasingly complex regulatory and compliance environment. Detailed benefits include:
- ACE’s broadest-ever cover as standard and available across a range of lines of business, including property, business interruption (including money, goods in transit, contract works and machinery breakdown), general liability (including environmental liability), employers’ liability, computer, global terrorism
- Flexible cover to suit all sizes of clients
- Simple, customer-friendly and jargon-free wording
- Removal of insurer avoidance remedy for innocent non-disclosure
- No basis of contract clause
- Standard policy is warranty free
- Access to local underwriters across the U.K. and Ireland, empowered to make underwriting decisions
- Access to ACE’s global network and local regulatory and compliance know-how – including the ACE Worldview online portal which offers 24/7 real-time program information
- Dedicated relationship managers, underwriting, claims and engineering personnel around the world
- Multinational training and support for brokers throughout the region, where they want it.
“Recent ACE research shows that the vast majority of European companies believe their risk profile has become more multinational over the past three years,” according to Sally Blyfield, ACE Multinational Partner project leader for the U.K. and Ireland at ACE.
“With a mounting array of international regulations bringing ever more complex compliance requirements, they are increasingly at risk of fines, reputational damage and the potential for invalidated claims if their insurance programs fail to perform as expected,” Blyfield said, noting that ACE Multinational Partner is designed to work effectively “for companies of all sizes and industries.”
Phil Sharpe, chief operating officer for the U.K. and Ireland at ACE, said:
“When we spoke to brokers about their clients’ multinational insurance needs last year, compliance with local insurance standards, advice and support managing international risks and access to on-the-ground account and claims assistance were among the priorities they highlighted.”
Source: ACE Group
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