PHILADELPHIA - April 19, 2004 - ACE USA, the U.S.-based retail operating division of The ACE Group of Companies, today introduced Kidnap & Ransom coverage for companies that have international operations, as well as those that have employees who travel overseas. The new coverage provides companies with a valuable combination of incident prevention and response resources, along with insurance that offers protection from the impact of costly ransom and expense payments.
Benefits of ACE USA's Kidnap & Ransom coverage include access to consulting services provided by Neil Young Associates, a world leader in the special risk market, with expertise in advising individuals and multinational corporations on the prevention of and response to kidnap and extortion. The policy also provides coverage for ransom and extortion expenses, in-transit loss of ransom, legal fees, incident response, medical costs, and death and dismemberment. Covered events include actual, alleged or threatened kidnap incidents; extortion demands threatening bodily injury, property damage, product adulteration and disclosure of proprietary information; detention of a person without ransom demand; and hijacking. Limits ranging from $250,000 to $25 million are available, with no deductible.
"Given the increasingly volatile economic and political environment around the world, the risk of kidnapping is greater now than ever before, even in countries that have traditionally been viewed as low-risk locations," said Ed Zaccaria, President, ACE Specialty Products. "This elevated threat level has spurred interest in kidnap and ransom products among multinational businesses. ACE USA's Kidnap & Ransom coverage responds to this demand and complements our growing portfolio of specialized commercial insurance products."
Jean McDermott-Lucey, Vice President, ACE Specialty Products, will manage ACE USA's Kidnap & Ransom coverage. Ms. McDermott-Lucey has 23 years of industry experience, including 14 years in the kidnap and ransom field. She also has substantial experience in specialty underwriting including identity theft, credit card fraud and fidelity products. Earlier in her career, Ms. McDermott-Lucey was a broker in the risk management division at Fred S. James. Ms. McDermott-Lucey earned a Bachelor of Arts degree from Ithaca College in Ithaca, N.Y.
"Our Kidnap & Ransom coverage helps companies proactively protect their most valuable asset -- their people," said Ms. McDermott-Lucey. "By emphasizing prevention and protection, our goal is to help businesses avoid these incidents altogether. However, should a need arise, our clients will have access to superior crisis response expertise as well as protection from costly ransom and expense payments."
For more information, please contact Jean McDermott-Lucey, ACE Specialty Products at 212 703-7190 or
jean.mcdermott-lucey@ace-ina.com.
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ACE USA is a U.S.-based retail operating division of The ACE Group of Companies, headed by ACE Limited (NYSE: ACE). 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.