The insurance industry now has access to standardized forms to address gaps in coverage in international exposures facing companies doing business overseas.
ACE USA, the U.S.-based retail operating division of The ACE Group of Companies, joined with The Association for Cooperative Operations Research and Development (ACORD) to announce the release of ACORD Forms 125, 815 and 816: Commercial Insurance Application, International Liability Exposure Supplement, and International Property Exposure Supplement.
Underwriters with expertise in international exposures from ACE USA’s International & Specialty Group and ACORD’s P&C Forms Standing Working Group together created these new standard forms, responding to the growing needs of the commercial insurance industry in the United States.
“International trade in the U.S. now accounts for approximately one-third of the Gross Domestic Product, and, the need for U.S. businesses to minimize their international exposures has never been more critical,” said Andrew MacKinnon, senior vice president, ACE USA International & Specialty Group.
“ACORD is happy to see the speed and efficiency with which these forms were created and adopted,” said Lloyd Chumbley, assistant vice president for standards at ACORD. “This shows how ACORD and its members can share expertise to support the industry with the standards.”
ACORD is a global, nonprofit insurance association whose mission is to facilitate the development and use of standards for the insurance, reinsurance and related financial services industries.
ACORD forms are available through the ACORD Web site at http://www.acord.org as PDF files.
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