ACE Group said it beefed up and tweaked its product recall insurance offerings, a move intended to help benefit customers in areas including consumable products, consumer goods and component part manufacturing.
Specifically, the insurer strengthened its ACE Recall Plus and ACE Recall Plus for Small Business coverage. Both plans are offered through ACE’s ACE Westchester arm.
New policy terms include coverage for voluntary, involuntary and mandatory stock recoveries, market withdrawals and/or recalls; limits as low as $50,000; a minimum premium of $1,000; $5,000 (for small business) or $10,000 minimum self-insured retention for a $1 million primary limit; and up to $15 million in available limits.
ACE said it offers three distinct insurance policies for businesses in the component parts, consumer goods and the consumable products sectors.
Once ACE completes its $28 billion acquisition of Chubb in early 2016, plans call for combining ACE Westchester and several other divisions from both companies into a new North America excess and surplus lines wholesale business that will be called Westchester, a Chubb company. The combined insurers will use the Chubb name.
Source: ACE Group