Spectrum targets large to medium companies facing emerging risks
Ace has launched Ace Spectrum, a combined package policy which offers a new minimum standard of protection for large to medium companies to address emerging risks, such as increased environmental exposures and growing threats to data and computer networks.
In addition to offering a very broad range of P&C covers, the policy addresses significant gaps in coverage associated with most package policies, such as environmental and network risks.
It also covers personal accident, travel, car, fidelity guarantee, marine and computer breakdown and may extend to include D&O, E&O and pension trustees liability.
With a growing number of UK businesses venturing overseas for the first time, Ace's extensive global network of offices can provide support at a key stage in a company’s development.
Commenting on the launch of Ace Spectrum, Stephanie Cryer, Ace’s commercial property and package manager, said: “ACE Spectrum reflects our concern that the insurance programmes of many large to medium UK businesses are not designed to contend with modern day assets or the exposures of 21st century business. Brokers have an ongoing responsibility to reassess the needs of clients who are faced with exposures that may be uninsured under many traditional package wordings.
“The threats to data and network security are just one example of a growing exposure faced by modern business which should be addressed in any combined insurance solution.
"In a recent Economist Intelligence Unit risk management survey, sponsored by Ace, almost half of respondents said that less than a single day of network downtime could jeopardise the future of their company. In the US, recent research shows that 25% of companies which experienced a power outage of two to six days went bankrupt immediately. Ace Spectrum seeks to address this head on.
“Similarly, businesses are facing increased environmental liabilities arising from new regulatory changes such as the EU’s Environment Directive effective April 2007. Until now, broad pollution cover was seen as complex and expensive, thus beyond the reach of most companies. Ace Spectrum offers a broad range of flexible protection and is more affordable and accessible than ever before.”
Recognising the importance of getting companies back on their feet following an incident of fire or water damage, Ace Spectrum offers a range of added value services to insureds including a disaster recovery service called ‘Ace Alert’. In partnership with Belfor, a disaster recovery and damage limitation organisation, Ace Alert provides a guaranteed response time and a priority call out service in instances of emergency.
Ace Spectrum also provides clients with discounted access to Risk Matrix, a web-based, comprehensive business continuity planning, risk identification and management tool, developed by Depend Group.