PHILADELPHIA, Pennsylvania, April 10, 2002 - ACE USA announced today 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.
"Companies in these industries have a significant exposure to terrorism risk, and coverage from the traditional market is in short supply," said president of ACE INA Susan Rivera. "Terrorism is a material risk factor because of the need to protect vital infrastructure, lender requirements, or because of seasonal or key operational dependencies. This product will appeal to customers who require a specialist solution to business disruption that can result from a terrorist attack."
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. For more information, please contact Mike Kmetz, vice president, Property at 215.640.4366 or at michael.kmetz@ace-ina.com or contact your insurance broker.
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ACE USA, headquartered in Philadelphia, is the U.S.-based operating division of the ACE Group of Companies, headed by ACE Limited (NYSE: ACE). ACE USA provides insurance products and services through the U.S. operating subsidiaries. ACE USA is rated "A" (Excellent) by A.M. Best and "A+" (Strong) by Standard & Poor's. The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients around the world. Additional information can be found at
www.ace-ina.com