ACE USA has introduced the new ACE Foreign Supplier Liability Insurance product that provides global primary coverage for US-based companies and designated foreign suppliers against product liability claims arising from the sale or distribution of foreign-sourced or manufactured products.
This product, which is offered by ACE USA’s casualty risk and global underwriting group, offers primary and excess limits up to $5 million per occurrence or $10 million aggregate for the US coverage option.
The foreign coverage option offers primary limits up to $2 million per occurrence and $4 million aggregate. General aggregates are available on a per supplier basis subject to underwriting review.
Mitchell Schmidt, senior vice president of ACE custom casualty, said: This new combined coverage simplifies the risk management process, by providing a single source for US companies wishing to secure global primary product liability coverage.