Innovative Weather Insurance Product to Help Hotels Attract Conferences and Conventions
PHILADELPHIA - July 15, 2004 - ACE USA, the U.S.-based retail operating division of The ACE Group of Companies, today introduced hurricane cancellation insurance that can be used by hotels in their efforts to attract conferences and conventions to their locations during the hurricane season. This new insurance policy-part of the StormTrackerSM suite of innovative weather insurance products--will pay a stipulated value if a hurricane forces organizers to cancel a conference or convention.
"We are pleased that this new product will allow us to help our hospitality clients better serve their customers and contribute to financial stability," said Ed Zaccaria, President, ACE Specialty Products. "ACE USA's hurricane cancellation insurance can greatly reduce the financial risk of planning a conference in a hurricane-prone location.
The Hurricane Cancellation policy will pay a pre-determined value to cover the fixed costs incurred in planning a conference that is cancelled plus the incremental cost to rebook the conference at a later date. Coverage will be triggered if a hurricane comes within one hundred miles of the conference location during the term of the policy. This insurance policy will pay 100% of the agreed value if the conference is cancelled prior to the commencement date of the conference and 50% of the agree value thereafter. This insurance policy is available for coastal areas in the United States and the Caribbean. The coverage period can extend from a few days to the entire hurricane season.
"This new product is yet another of ACE USA's weather risk management products that can easily be used to supplement existing liability insurance covers for conferences and conventions," said Ravi Nathan, Senior Vice President, Global Weather for ACE Specialty Products. "Our goal is to continue developing and marketing weather products that bridge the gaps left by traditional insurance coverage. Producers now have the opportunity to include this new insurance product to their line-up of specialized covers for the conference planning and hospitality industries."
ACE USA's Hurricane Cancellation insurance product will be marketed through both retail and wholesale insurance brokers. For more information, please contact Ravi V. Nathan, ACE Global Weather at 215 640-4528 or
ravi.nathan@ace-ina.com.
###
ACE USA is the U.S.-based retail operating division of The ACE Group of Companies, headed by ACE Limited (NYSE: ACE), and is rated A (Excellent) by A.M. Best Company and A+ (Strong) by Standard & Poor's. ACE USA, through its underwriting companies, provides insurance products and services throughout the U.S. Additional information on ACE USA and its products and services can be found at www.ace-ina.com. The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients around the world.