ACE USA, the U.S.-based retail operating division of The ACE Group of Companies, has introduced Storm Tracker, a new insurance product that provides coverage for business losses occurring when a hurricane arrives within a predetermined number
of miles of an insured location, even if there is no physical damage to the insured property.
Storm Tracker reportedly fills the hurricane-related coverage gaps in current property and business interruption policies and can
cover the threat from multiple hurricanes during the annual policy term. Due to its flexible design, the policy can be structured to cover windstorm deductibles, business interruption and hurricane-related extra expenses.
Coverage will reportedly benefit a wide range of businesses, ranging from Caribbean resorts that suffer lost revenues due to an approaching hurricane to commercial ports, power transmission utilities and off-shore oil drillers. Specific rates are available for hurricane-impacted counties on the U.S. eastern seaboard and Gulf Coast, as well as the Caribbean and eastern Canada.
“With researchers at Colorado State University predicting the Atlantic basin’s 2004 hurricane season to be more active than normal, businesses in coastal areas should expect increased storm-related costs,” said Ravi Nathan, senior vice president, Global Weather for ACE US International Group. “Frequently a hurricane will not make landfall or cause property damage, yet it leaves businesses exposed to higher hurricane-preparedness costs. In addition, businesses may experience days of lost revenue because consumers are likely to cancel vacations if a hurricane threatens their hotel, casino or resort. The Storm Tracker product fills these coverage gaps, covers the windstorm deductible, and
helps businesses minimize the financial consequences of an active
Storm Tracker is the second of ACE USA’s hurricane- and weather-related products to be released in time for hurricane season. ACE EVAC, which provides coverage for business losses caused by government-mandated hurricane evacuations, was unveiled in late 2003.
Storm Tracker will be marketed through both retail and wholesale
For more information, contact Nathan, at email@example.com.
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