ACE Group has launched ACE Moda TM, a packaged insurance product designed to cover the casualty and fire risks of companies in the fashion retail sector as it continues to develop its proposition for retail and luxury goods companies across Spain and Portugal (Iberia) and Continental Europe.
ACE Moda reflects the changing needs of this increasingly globalized industry in Iberia and follows the launch of ACE’s luxury goods practice in Continental Europe earlier this year. The product features have been specifically developed for the retail industry in response to client feedback, the company said.
ACE Moda is designed to complement the company’s insurance offering in other lines, such as group personal accident and business travel, directors and officers liability, crime and marine.
ACE said the product benefits include:
- “No dress, no bride” cover for expenses incurred by the insured due to the non-delivery of wedding dresses because of an accident
- Automatic inclusion of non-standard clauses, such as cover for image restitution expenses due to product recall
- The potential to include, in the same policy, terrorism and political violence cover
- The ability to structure the product as a multinational program from the retailer’s first store opened abroad with access, for both broker and client, to ACE’s global network and specialized multinational services
“At ACE, we continue to develop tailored products to meet the changing needs of our clients. We have designed, with ACE Moda, a complete product that includes specific and innovative guarantees for the retail sector and also offers other guarantees that, although they already exist in the market, were not included in policies automatically,” said José Ramón Martínez, property insurance manager for ACE in Iberia.
“Additionally, ACE Moda protects companies through their international expansion, whether at the time of the first store opening or as they continue to grow their global footprint…” he added.
Source: ACE Group
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