ACE embraces the UK Insurance Act with further enhancements to contract certainty
June 18 2015 - 5:21AM
Business Wire
ACE European Group Limited today announced two further
enhancements to its UK property and casualty policy wordings, as it
embraces the UK Insurance Act 2015 ahead of it coming into force in
August 2016. The changes represent the latest step in ACE’s
ongoing commitment to listen to customers and focus on their needs
when designing cover, managing risk or settling claims.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20150618005485/en/
David Robinson, Regional President UK
& Ireland, ACE (Photo: Business Wire)
ACE’s commitment follows its early lead in removing the ‘basis
of contract’ clauses from its UK policy wordings in 2013.
From today, two clauses will be applied to new and
renewing UK property and casualty policies issued by ACE European
Group Limited to clients domiciled in the UK and incepting from 1st
August 2015. They will be built into all insurance products going
forward including property, construction, boiler and
machinery, all casualty lines, commercial directors’ and officers’
liability, commercial professional indemnity, financial
institutions, commercial crime, environmental impairment liability,
accident and health and marine insurance.
Warranties clause
- Breach of warranty will no longer
permanently discharge insurer’s liability. If the breach of
warranty is remedied prior to loss, cover will remain in place
Remedies for non-disclosure, misrepresentation
- ACE will embrace the proportionate
remedies outlined in the new Act in the event of an innocent
non-disclosure
ACE also announced that it is designing an educational programme
to provide expertise and support to broker partners interested in
becoming compliant ahead of the Act which it will roll out later in
the summer.
David Robinson, Regional President, UK & Ireland, ACE Group
said:
“ACE led from the front in removing basis of contract clauses
from our wordings based on feedback from Airmic members. The
decision to be proactive helps us to meet client expectations by
improving the clarity, protection and service we offer in the event
of a loss, and promotes the tripartite relationship between client,
broker and insurer.
“The amended coverage terms and conditions provide clients with
better insight into their policies and they create a firm
foundation from which to build in the future.”
ENDS
About ACE Group
ACE Group is one of the world’s largest multiline property and
casualty insurers. With operations in 54 countries, ACE provides
commercial and personal property and casualty insurance, personal
accident and supplemental health insurance, reinsurance and life
insurance to a diverse group of clients. ACE Limited, the parent
company of the ACE Group, is listed on the New York Stock Exchange
(NYSE: ACE) and is a component of the S&P 500 index.
ACE UK & Ireland’s five regions are:
∙ Ireland (Dublin and Belfast) ∙ Scotland (Glasgow, Aberdeen) ∙
The North (Leeds, Manchester, Newcastle) ∙ Midlands (Birmingham) ∙
London and South East (London, Maidstone, Reading, Watford)
Additional information can be found
at: www.acegroup.com/uk
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150618005485/en/
ACE GroupCeline LachevreMarketing Manager (PR & Events)020
7173 7489Celine.lachevre@acegroup.com
DBA Chubb (NYSE:CB)
Historical Stock Chart
From Mar 2024 to Apr 2024
DBA Chubb (NYSE:CB)
Historical Stock Chart
From Apr 2023 to Apr 2024