Press release from Business Wire
ACE USA Updates Marine Open Cargo Policy to Consolidate Coverage in a Single Form
Wednesday, May 22, 2013
ACE USA Updates Marine Open Cargo Policy to Consolidate Coverage in a Single Form18:01 EDT Wednesday, May 22, 2013
PHILADELPHIA (Business Wire) -- ACE USA, the U.S.-based retail operations of the ACE Group, today announced the release of an updated Marine Open Cargo Policy. The new policy consolidates multiple coverage components into one form, which provides concise policy language that is both easy to read and consistent across all coverage regions.
The updated Marine Open Cargo Policy incorporates multiple coverage endorsements in a single form, including standardized clauses, and has a single declarations page. All marine open cargo clients – from those who only ship a few times a year, to the multinational clients who ship hundreds of times a year – can now see a concise overview of their coverage and policy limits. Multinational clients will benefit further from ACE's strong international network, with its ability to write local policies around the world, all of which are controlled by a single master policy.
“ACE's new marine cargo policy shows our ongoing commitment to risk managers serving clients with cargo exposures,” said Karen Griswold, Senior Vice President, ACE Commercial Marine. “We have incorporated multiple coverage components into a single form, rather than endorsing individual policies, which makes it easy for policyholders to have a clear picture of their coverage.”
Benefits available through the updated Marine Open Cargo Policy include:
- Easy-to-read and consistent policy language across all regions
- Clients of all sizes — from those only shipping a few times a year to multinational organizations shipping hundreds of times annually — can see a concise overview of their limits on a single declarations page, which also contains all the variable text specific to each policy
- Marine Ocean Cargo Insurance Terms and Conditions is a standard form issued with all policies, and it contains two sections; Section I covers Ocean Cargo, and Section II covers Inland Transportation
- Easy-to-understand Conveyances clause, which includes the Vessel Classification wording directly in the form
- Combined Warehouse-to-Warehouse and Marine-Extension clauses
- Paramount Warranties clause within the policy form, which incorporates: the formerly separate American Institute of Marine Underwriters (AIMU) Extended Radioactive Contamination Exclusion Clause; Radioactive Contamination Exclusion Clause; AIMU U.S. Economic and Trade Sanctions Exclusion; and AIMU Chemical, Biological, Bio-Chemical, and Electromagnetic Weapons Exclusion
- Clauses for Difference in Conditions, Insufficiency of Packing, and Appraisal are all added within the policy form
If applicable to the policy, the Warehouse Schedule Endorsement form,
which covers goods when they are stored in a warehouse, is now
attached to the policy pack and no longer requires an additional
endorsement; enhancements specific to this form include:
- Clear coverage terms, including coverage related to catastrophe perils and deductibles
- Standardized schedule that is consistent in each policy, making it easy for policyholders to understand the limits, sublimits, and deductibles, by location
Insurance is provided by insurance companies within the ACE Group. All products may not be available in all jurisdictions. The product information above is a summary only. The insurance policy actually issued contains the terms and limits of the contract.
ACE Commercial Marine, part of ACE USA, delivers tailored insurance services for shippers, vessel builders and marine facility owner, covering clients ranging from multinational logistics provides with assets in ports worldwide to national boat manufacturers and small yacht clubs. For more information about these products, visit our website.
ACE USA is the U.S.-based retail operating division of the ACE Group, headed by ACE Limited, and is rated A+ (Superior) by A.M. Best Company and A+ (Strong) by Standard & Poor's. ACE USA, through its underwriting companies, provides insurance products and services throughout the U.S. Additional information on ACE USA and its products and services can be found at www.acegroup.com/us . The ACE Group is one of the world's largest multiline property and casualty insurers. With operations in 53 countries, ACE provides commercial and personal property and casualty insurance, personal accident 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 North America Communications
Carla L. Ferrara, 212-827-4744