ACE USA, the U.S.-based retail operating division of The ACE Group of Companies, announced that its Global Terrorism Unit is introducing a new insurance policy that protects businesses from losses caused by the need to evacuate from their premises due to a threatened terrorist attack.
The insurer described the coverage, “ACE THREAT-PROTECT(SM),” as “unique in the marketplace.” The policy protects companies from loss of business income and mandatory evacuation expenses, even if there is no physical damage sustained.
“At ACE USA we understand the risks businesses are facing in the current state of high alert and not all of these concerns relate to direct physical loss,” stated Ed Zaccaria, President of ACE’s Specialty P&C Group. “The ACE THREAT-PROTECT policy helps safeguard those companies that may not be the target of the attack but are included in a mandatory evacuation because of their proximity to an event. The policy will cover loss of business income and evacuation expenses from the threat of an act of terrorism, whether ‘certified’ or ‘non-certified’ under the TRIA Act of 2002.”
Bill Wise, VP-ACE Global Terrorism Unit, added: “We are seeing a real need for this type of policy. The current high state of alert reminds us all of the serious terrorist threat we face and it makes the ACE THREAT-PROTECT policy very timely for businesses. Many existing property coverages will not respond to loss of business income and extra expense unless there is physical damage to the insured location from the attack.”
The coverage will be marketed through both retail and wholesale insurance brokers. Wholesale distribution will be coordinated through ACE Westchester Specialty Group, one of The ACE Group of Companies.
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