ACE Group has rolled out ACE Umwelt (Environment) Plus, as it expands its product offering to help its clients fill the gaps in their insurance environmental risk cover.
ACE Umwelt Plus offers comprehensive protection against environmental risk as it combines coverage for traditional German market offerings such as environmental impairment liability, environmental contamination with environmental damage under the EU environmental liability directive and a global standard premises pollution liability coverage in a single policy.
The new product can be purchased both on a standalone basis or combined with other ACE liability insurance products, while its menu structure means that different coverage areas, combining first party and third party insurance, can be included as needed. Additionally, ACE Environmental Plus includes features such as:
– A simplified, flat-rate risk declaration
– Extended cover for damage to land by the policyholder
– First and third party business interruption insurance as a result of contamination
– Coverage for multinational subsidiaries of German companies, with the potential for locally admitted underlying policies in over 50 countries
Importantly, the new product does not include a special "trigger" in the form of an accident or a break down in production line that is needed to activate the policy; it provides cover for normal operation conditions too.
Udo Wegerhoff, ACE Group’s Germanic Region Environmental Insurance Manager said: "With ACE Umwelt Plus we want to help our clients close the gaps in their environmental insurance cover and provide both them and our brokers with a complete, market-leading solution that allows for effective environmental risk management."