ACE USA, the U.S.-based retail operations of the ACE Group of Companies, has introduced ACE EVAC, a new insurance product that provides coverage for businesses in U.S.-based coastal areas that incur business losses from a government-mandated hurricane evacuation.
Subject to its terms and conditions, this coverage is designed to pay a stipulated value for full days of mandated evacuation for business loss, even if the business does not suffer physical loss or damage from the hurricane.
Under the ACE EVAC coverage, policyholders can receive a pre-determined value for a full day of evacuation, thus resulting in a simple and efficient claims process. The coverage will reportedly benefit organizations such as hotels, retail stores, restaurants, marinas, casinos and manufacturers that lose revenue due to a mandatory evacuation. The coverage can also protect local government expenditures, as municipalities often face higher personnel and emergency administrative costs when the county is required to evacuate. Specific rates are available for hurricane impacted counties in North and South Carolina, Virginia, Georgia, Alabama, Mississippi and Florida.
“Local government and civil authorities necessarily act cautiously by calling for a mandatory evacuation when a hurricane threatens their communities. Frequently the hurricane will not make landfall nor does it cause property damage, which leaves businesses exposed to days of lost revenue and higher hurricane- related costs during the evacuation period without any recourse,” said Ed Zaccaria, president, ACE US International Group. “The ACE EVAC product is designed to help these businesses by filling this coverage gap.”
“This is the first of the hurricane and storm-related products to be released by ACE USA,” added Ravi Nathan, senior vice president, Global Weather for ACE US International Group. “The ACE EVAC product will complement our soon-to-be-released ACE Storm Tracker insurance product, which is designed to indemnify for business losses caused by a Category four or five hurricane coming within a specified radius of the insured’s location. Casinos, theme parks and resorts often lose business when a hurricane threatens their specific geographic area.”
The expanded coverage will be marketed through both retail and wholesale insurance brokers. Wholesale distribution will be coordinated through ACE Westchester Specialty Group, the U.S.-based wholesale focused excess and surplus property/casualty operations of the ACE Group of Companies.
For more information, e-mail Nathan at: firstname.lastname@example.org.
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