ACE’s new commercial vehicle policy with limits beyond £1M |
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Thu, 21 Apr 2005 01:00
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ACE Europe, the insurance major which has operating subsidiaries in more than 50 countries yesterday announced a new product for commercial motor operators. The new product Commercial Motor Third Party damage Excess is different from the usual commercial motor policies which limit claims payment for damage to third party property. Sometimes such policies limit the claims amount to as little as £1 million. Whereas ACE’s new product provides stand-alone top-up cover over and above such policy limits.
A spokesman for ACE said “We felt a growing need for this type of policy. The levels of cover provided by most commercial motor policies are clearly inadequate, a fact which came to light after the Selby accident in 2001 involving a van and a train. After that crash-up, many accidents, especially a spate of fires in road tunnels, underscored the need for a policy which could adequately protect commercial vehicle operators from multi-million pound property damage claims."
| In their press release posted online, the company has claimed that the new product is unique in the UK insurance market. This product is ideal for logistics and haulage (trucking) contractors and operators of many different types of commercial vehicles.
ACE’s Excess Casualty Manager John Line said in the official bulletin that the chances of huge property loss can only increase with time therefore it only makes sense to be covered adequately.
The bulletin said the new product can provide even higher limits if it is purchased along with excess employers liability, public and products liability.
ACE Europe is part of the 15-countrywide group ACE European Group which provides insurance solutions for accident, health, personal lines to a diverse range of clients, besides being a leader in tailored property and casualty insurance.
The group underwrites through the UK-based, FSA-regulated ACE European Group Limited. Their subsidiary Lloyd’s Syndicate 2488 holds an Aa3 financial strength rating from Moody’s, which is considered one of the highest.
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