ACE Expands Liability Coverage
Source: http://finance.yahoo.com, March 22, 2013
The U.S.-based retail operations of ACE Limited (ACE), ACE USA has introduced a Foreign Casualty Pollution Liability coverage endorsement. ACE came up with this coverage option to provide insurance and risk management solutions to the globally operating mid-sized and large-scale multinational companies located in the U.S.A.
The new insurance option in association with ACE’s Controlled Master Program (CMP) named ACE ATLAS CMP will extend the company’s existing pollution coverage. CMP insures U.S. based multinational organizations against complex exposures. It offers a variety of products, from guaranteed cost package programs to complex multinational policies with advanced risk transfer mechanism. The combined effort of CMP and the new initiative will provide pollution liability protection against various environmental liabilities on an international arena.
The Foreign Casualty Pollution Liability coverage endorsement will provide first and third party coverage. The third party coverage will protect against physical injury and property damage within a covered location along with the remediation costs and damage costs from pollution conditions from a covered location. It will also protect against damages and claim expenses arising from governmental action due to pollution condition. The new endorsement will cover for liabilities up to $1 million.
The company has been continuously assisting the U.S. based multinational companies in mitigating environmental risks. The new endorsement will enhance its efforts by delivering customized solutions to the risks faced by the companies in their daily transactions. The program is expected to support ACE in expanding its multinational client base, which will boost revenues.
Previously in Apr 2012, ACE Canada, the Canadian Unit of the company launched ACE PaC and ACE ECO PaC to provide specialized coverage. ACE PaC consists of general liability and pollution liability merged into a single policy provided to companies with environmental exposures. ACE ECO PaC provides general liability, contractors pollution and optional professional liability combined into one policy to contractor related/consulting services with environmental exposures. Both the policies can be offered with automobile coverage.
Among other insurers providing pollution insurance, XL Group Plc (XL) recently announced to offer pollution liability protection to the food and beverage industry in North America.
ACE currently carries a Zacks Rank #3 (Hold). XL and other stocks in this industry like Arch Capital Group Limited (ACGL) and Navigators Group Inc. (NAVG) carry a favorable Zacks Rank #1 (Strong Buy) and are worth noting.