LONDON--()--ACE Group today announced the launch of ACE Shield - a property insurance proposition designed to cover the gaps between traditional property, terrorism and political violence insurance policies.
ACE Shield will be available worldwide for eligible clients with overseas exposures in order to help protect them against conventional property damage and business interruption all risk cover combined with the full range of terror, political and social unrest perils including war.
The launch follows feedback from clients and coincides with recent research carried out by ACE which reveals that fewer than 10% of European companies have comprehensive insurance cover for terrorism and political violence risks, while nearly a quarter are either unaware of the potential gaps in their coverage or unsure how to plug them. In particular, ACE recognises that clients’ exposures can sometimes fall between policies when the event which causes damage is difficult to categorise or is defined differently by various authorities.
Piers Gregory, Terrorism Underwriting Manager for ACE said: “We have seen a dramatic increase in high profile acts of terrorism and more recently, the impact of widespread economic and political instability, including mass public demonstrations. This rise in political and economic uncertainty is challenging traditional cover which would have been provided by separate property and stand alone terrorism covers.”
Piers Gregory continued: “Social unrest is becoming a global phenomenon and recent events have forced clients to reassess their approach to the threat of terrorism and politically-motivated civil unrest. ACE has been at the forefront in challenging the belief that traditional stand alone terrorism cover provides the necessary protection. ACE Shield is our response to this, making cover available for the first time to protect our clients from a full range of political violence related perils combined with conventional all risk cover.”
ACE Group is one of the world’s leading global commercial property and casualty insurance organisations. ACE has a physical presence in 53 countries, and commercial and individual customers in more than 170 countries.
ACE European Group is part of the ACE Group, a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE:ACE), a component of the S&P 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. ACE’s core operating insurance companies – including ACE European Group Limited – hold financial strength ratings of AA- (Very Strong) from Standard & Poor’s and A+ (Superior) from A.M. Best.
ACE UK & Ireland’s five regions are:
∙ Ireland (Dublin and Belfast) ∙ Scotland (Glasgow) ∙ The North (Leeds, Manchester, Newcastle) ∙ Midlands (Birmingham) ∙ London and South East (London, Maidstone, Reading, Watford)
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