ACE USA, the US-based retail operations of the ACE Group of Companies, has launched ACE Spectra, an admitted insurance product that provides coverage for property damage and business interruption resulting from a tropical storm or hurricane. The policy can cover losses from single or multiple hurricanes during the annual policy term.
The new product from ACE comes close on the heels of the storm season of last year which was one of the worst in living memory. Four storms battered the Caribbean and southeast US in August and September causing hundreds of millions of dollars worth of damage.
ACE Spectra insurance can be used to reduce windstorm deductibles in current property and business interruption policies, while limiting the accumulation of losses from multiple storms in a season.
Following the difficult hurricane season of 2004, risk managers are increasingly concerned that large windstorm deductibles on their properties can accumulate to levels which can have severe financial consequences, said Ed Zaccaria, president of ACE US International. ACE Spectra provides a fixed premium alternative for customers where this is a concern.
This is the fourth of the hurricane and storm-related products to be released by ACE USA in the last two years, commented John Gallagher, senior vice president of Global Property for ACE US International. The ACE Spectra product will complement our ACE EVAC, Storm Tracker and Hurricane Spin-down insurance – all of which fill different client needs.