ACE UK has launched a new multinational cover addressing the compliance challenges faced by companies operating in different regulatory regimes. The move is part ACE GPS, a new platform to support the delivery and management of multinational clients’ insurance programs and risk exposures.
ACE has said that in addition to providing local policies in relevant territories, and non-admitted polices where permissible, its multinational policies will indemnify a business’ parent company on a DIC/DIL (difference-in-conditions/difference-in-limits) basis, for its own financial loss and not the losses suffered by their overseas entity.
The insurance firm expects that this approach will help businesses to better address legal and tax requirements with contract certainty and clear accountability in major programs across multiple jurisdictions.
In addition, the company has launched a web-based portal called ACE Worldview, as an integral part of the platform, which allows risk managers to monitor and manage their entire global insurance program, including information on all policies and claims from their desktops.
The other features to be offered as part of ACE GPS include access to the ACE insurance directory, its own research tool used by its underwriting, account management and legal teams and Global RiskAdvantage, ACE’s multinational loss-reporting tool.
Phil Sharpe, Director of Casualty and Major Risks, ACE UK & Ireland, said: “ACE GPSSM is designed to provide risk managers and brokers access to the full range of our global capabilities within a dynamic platform that will provide a tailored solution to businesses across sectors and geographies.”