To curtail the consequences of product recalls, Philadelphia’s ACE Group, a property and casualty insurer, recently took steps to strengthen product guarantees with its ACE Recall Plus and ACE Recall Plus for Small Business policies.
“ACE Westchester is always listening to our clients’ feedback and working to deliver the kind of coverage that they have come to expect from us,” Florian Beerli, senior vice president of product recalls for ACE Westchester, said. “As product recalls continue to dominate the news and pose risks for our clients, it is our aim to adapt our products to meet our customers’ needs.”
ACE Westchester streamlined its policy terms in order to help clients gain a better understanding of their benefits. ACE’s improvements include coverage for voluntary, involuntary and mandatory stock recoveries, market withdrawals or recalls; limits as low as $50,000; and a minimum premium of $1,000. Additionally, it stipulated self-insured retention for a $1 million primary limit in minimum amounts of $5,000 -- for small businesses -- or $10,000, with up to $15 million in limits available.
The company provides three main types of business insurance: coverage for component parts, consumer goods and consumable products. ACE Westchester’s policyholders enjoy consultant availability both prior to and after recall events, taking advantage of the firm’s flexible, customized approach.
“Beyond providing product recall services and products to our clients, we strive to adequately educate them about the very real risks of a product recall,” Beerli said. “By refining the terms of our policy forms and offering consultative and educational services within a single comprehensive solution, we are achieving this goal.”
ACE Group, one of the world’s largest broad-based insurers, provides a variety of insurance coverage to clients in 54 countries.
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