ACE Group has introduced a series of policy enhancements to strengthen its ACE recall plus and ACE recall plus for small business coverages.
“ACE Westchester is always listening to our clients' feedback and working to deliver the kind of coverage that they have come to expect from us, to help ensure they are protected from the financial and reputational threat of any type of covered product recall, including voluntary,” said Florian Beerli, the senior vice president of ACE Westchester product recall. “As product recalls continue to dominate the news and pose risks for our clients, it is our aim to adapt our products to meet our customers' needs.”
The company said that the new policy terms include:
- Coverage for voluntary, involuntary, and mandatory stock recoveries, market withdrawals, and/or recalls;
- Limits as low as $50,000;
- Minimum premium of $1,000;
- $5,000 (for small business) or $10,000 minimum self-insured retention for a $1 million primary limit; and
- Up to $15 million in limits available.
Mr. Beerli continued, “Beyond providing product recall services and products to our clients, we strive to adequately educate them about the very real risks of a product recall. By refining the terms of our policy forms and offering consultative and educational services within a single comprehensive solution, we are achieving this goal.”
ACE Westchester offers three insurance policies for businesses in the component parts, consumer goods, and consumable products sectors. ACE Westchester's product recall policyholders also have access to product recall consultants on a pre- and post-incident basis.
Learn more: www.acegroup.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].