ACE Europe is to offer a brand new auto product designed to provide additional cover above standard third party commercial motor policies. The new product will cater for up to GBP5 million of additional protection.
The new Commercial Motor Third Party Property Damage Excess policy, which ACE believes to be unique in the UK insurance market, provides stand-alone top-up cover for damage to third party property, over and above the usual commercial motor policy limits.
The international insurer said the new product is targeted at haulage & logistics operators and contractors as well as operators of other commercial motor fleets.
Traditionally commercial motor policies limit the claims payment for damage to third party property to GBP5 million and sometimes even as little as GBP1 million said John Line, excess casualty manager at ACE. Well publicized accidents such as Selby in 2001, not to mention a spate of fires in road tunnels on the continent, brought home to us the inadequate levels of cover provided by most commercial motor policies.