ACE Group is targeting international retail and luxury goods retailers with new specialized insurance coverage that addresses everything from wedding dress delivery snafus to fallout from product recalls.
The property casualty insurance and reinsurance giant is doing this through ACE Moda, a packaged insurance project designed to cover casualty and fire risks for companies in the fashion retail sector, particular to Iberia and Continental Europe. It follows the unveiling of ACE’s luxury goods practice in Europe earlier in the year
Coverage highlights include “No dress, no bride” cover, which is designed to cover an insured’s expenses that stem from not delivering wedding dresses as scheduled due to an accident.
José Ramón Martínez, property insurance manager for ACE in Iberia, explained that ACE Moda mixes innovation along with coverages that exist in the market but were not automatically included in policies.
ACE said ACE Moda comes in response to client feedback and links ACE’s various points of expertise in the retail sector. ACE said the product is designed to complement its other insurance offerings in areas including group personal accident and business travel, directors and officers liability, crime and marine.
Other coverage features of ACE Moda: automatic inclusion of non-standard clauses such as cover for image restitution expenses stemming from product recall. Policyholders can also include terrorism and political violence cover in the same policy. As well, they can structure their coverage on a multinational basis, from the launch of the retailer’s first store overseas. Clients can access ACE’s global network and specialized multinational services.
ACE recently announced a $28.3 billion deal to acquire The Chubb Group. It also disclosed plans to double its terrorism, political violence and war insurance capacity.
Source: ACE Group