ACE Offers Hurricane Spin-Down Insurance
NU Online News Service, July 27, 4:18 p.m. EDT?ACE is offering a new insurance policy for chemical plants and refinery's forced to shut down by the threat of a hurricane.[@@]
The program, part of ACE USA's StormTracker suite of weather insurance products, is aimed at helping plants with the financial costs for closing down and re-starting their plants after the threat of a hurricane.
The new spin-down insurance program will respond even if a plant is not damaged as the result of a storm, the carrier, a subsidiary of The ACE Group of Companies based in Philadelphia, said.
Ed Zaccaria, president of ACE specialty products, said the program would be structured around the client's specific hurricane response protocols and help alleviate the financial costs of closing down operations until the threat passes.
For customers who do not have shut-down plans in place, ESIS engineering unit, a risk management division of ACE, will assist customers in developing such procedures.
The Hurricane Spin-down policy is designed to pay a pre-determined value to cover the lost income and extra expenses incurred during the shutdown and startup procedures. The insurance is available for coastal areas in the U.S. and the Caribbean. Coverage period can extend from a few days to the entire hurricane season.
ACE said the insurance would be marketed through both wholesale and retail agents.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.