ACE USA announced that it would provide a specialist solution to several specific industry classes with a shortage of terrorism related insurance capacity. The ACE terrorism insurance product is focused on U.S. and Canadian commercial property accounts in the utility, telecommunications, manufacturing, entertainment, financial institution and real estate industries and provides coverage for physical loss or damage to insured property as a result of a terrorist act.
The stand alone ACE USA policy focuses exclusively on coverage for terrorist acts and can be designed to minimize gaps in coverage that might exist with a traditional property program. It would also be expected to complement any governmental response to terrorism coverage that may be forthcoming.
The terrorism product will be written on both an admitted and non-admitted basis. The terms and conditions of each individual terrorism policy will govern in the event of a claim. The terrorism policy may not be available in each U.S. State or territory. The coverage will be marketed through both retail and wholesale insurance brokers. Wholesale distribution will be coordinated through the Westchester Specialty Division of ACE USA.
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