ACE USA, the U.S.-based retail operations of the ACE Group, today announced that it has expanded its catastrophe management insurance products with the introduction of the ACE Cat Management 2.5
endorsement by its ACE Excess Casualty Unit. This first-of-its kind endorsement is designed to supplement ACE’s already expansive Catastrophe Management endorsement by offering up to $2.5 Million of additional limits to eligible insureds, and expanding the payments for managing threats to an insured’s reputation and other expenses directly related to catastrophic events.
“Negative media coverage stemming from catastrophic casualty events presents challenges to companies seeking to mitigate losses and protect their reputations. In this era of skyrocketing social media networking activity, companies face increased reputational damage, particularly since information is disseminated without the benefit of verification prior to publication. As a result, companies must be prepared for the potential damage to reputation in addition to any underlying liability, when facing disparaging remarks posted in the public domain. They must restore trust amongst their stakeholders,” said Carol Laufer, Executive Vice President, ACE Excess Casualty. “ACE is committed to providing current, comprehensive coverage to our clients, and this endorsement enables us to dramatically supplement our existing catastrophe management coverage so that companies can further enhance their globally-oriented catastrophe management plans.”
ACE helps firms mitigate the financial and reputational risks associated with catastrophes, covering first-party catastrophe management expenses and providing access to a suite of umbrella liability products and other important benefits. Targeted industries include hospitality, real estate, manufacturing, electronic, service, wholesale distribution, financial institutions and energy.
“Most companies agree that it is useful to develop appropriate risk management strategies that go beyond merely managing insurance costs. They have come to understand that planning for catastrophic events and testing their catastrophe management plans can positively impact their people, financial position, and equity with stakeholders,” said Lori Brassell-Cicchini, Vice President, ESIS Catastrophe Services.