ACE Expands Global Environment Coverage for US Multinationals

ACE USA announced from its Philadelphia headquarters that it has expanded its suite of environmental liability insurance products to meet “the unique exposures of U.S. multinational organizations with global locations.”

ACE is making the expanded coverage available for its “environmental clients.” It covers both domestic and international exposures “through a matrix of admitted and non-admitted policies around the world to protect multinational companies from environmental liability risks and exposures,” said the bulletin. The policy applies to U.S. environmental claims as well as “anywhere in the world where non-admitted coverage is allowed. In the event non-U.S. coverage is needed, the company can access its global network of local underwriters.”

William Hazelton, Senior Vice President, ACE Environmental Risk, noted: “As the environmental regulatory and legal landscape is becoming more sophisticated around the globe, multinationals are adding environmental insurance to their portfolios. The challenges and complexities of placing this coverage outside the U.S. is daunting even for sophisticated risk managers. ACE USA’s expanded environmental insurance programs respond to requests for coverage in jurisdictions outside the U.S.”

David Brosnan, President of ACE Casualty Risk added: “The rise in the number of U.S.-based companies going global creates tremendous opportunities in the marketplace, as well as a more volatile and risky environment. Working with ACE provides access to a powerful global network of affiliated companies and non-affiliated network partners located throughout the world. As a leader in providing innovative risk management solutions, we’re pleased to assist our clients with access to environmental policies in countries where local jurisdictions require local coverage.”

Source: ACE – http://www.ace-ina.com