The U.S.-based retail operations of
), ACE USA has introduced a Foreign Casualty Pollution Liability
coverage endorsement. ACE came up with this coverage option to
provide insurance and risk management solutions to the globally
operating mid-sized and large-scale multinational companies
located in the U.S.A.
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The new insurance option in association with ACE's Controlled
Master Program (CMP) named ACE ATLAS CMP will extend the
company's existing pollution coverage. CMP insures U.S. based
multinational organizations against complex exposures. It offers
a variety of products, from guaranteed cost package programs to
complex multinational policies with advanced risk transfer
mechanism. The combined effort of CMP and the new initiative will
provide pollution liability protection against various
environmental liabilities on an international arena.
The Foreign Casualty Pollution Liability coverage endorsement
will provide first and third party coverage. The third party
coverage will protect against physical injury and property damage
within a covered location along with the remediation costs and
damage costs from pollution conditions from a covered location.
It will also protect against damages and claim expenses arising
from governmental action due to pollution condition. The new
endorsement will cover for liabilities up to $1 million.
The company has been continuously assisting the U.S. based
multinational companies in mitigating environmental risks. The
new endorsement will enhance its efforts by delivering customized
solutions to the risks faced by the companies in their daily
transactions. The program is expected to support ACE in expanding
its multinational client base, which will boost revenues.
Previously in Apr 2012, ACE Canada, the Canadian Unit of the
company launched ACE PaC and ACE ECO PaC to provide specialized
coverage. ACE PaC consists of general liability and pollution
liability merged into a single policy provided to companies with
environmental exposures. ACE ECO PaC provides general liability,
contractors pollution and optional professional liability
combined into one policy to contractor related/consulting
services with environmental exposures. Both the policies can be
offered with automobile coverage.
Among other insurers providing pollution insurance,
XL Group Plc
) recently announced to offer pollution liability protection to
the food and beverage industry in North America.
ACE currently carries a Zacks Rank #3 (Hold). XL and other stocks
in this industry like
Arch Capital Group Limited
Navigators Group Inc.
) carry a favorable Zacks Rank #1 (Strong Buy) and are worth