ACE USA Unveils Foreign Supplier Liability Coverage

ACE USA, the U.S.-based retail operating division of the ACE Group of Companies, has introduced its ACE Foreign Supplier Liability Insurance product uniquely designed for U.S.-based companies that purchase or distribute completed products or component parts from foreign suppliers.

This product, offered by ACE USA’s Casualty Risk and Global Underwriting Group, provides global primary coverage for U.S.-based companies and designated foreign suppliers against product liability claims arising from the U.S. company’s sale or distribution of foreign-sourced or manufactured products.

The ACE Foreign Supplier Insurance product can offer primary and excess limits up to $5 million per occurrence or $10 million aggregate for the U.S. coverage option. The foreign coverage option can offer 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. This product is targeted to U.S.-based companies of all revenue sizes, including: distributors, importers, retailers, wholesalers, and manufacturers that source components outside the U.S.

“ACE is a leader in providing risk management solutions to meet the evolving needs of our U.S. companies. We’re pleased to offer a seamless, single global coverage solution for U.S. customers with global supply chains who require their foreign suppliers to provide certificates of insurance. This new combined coverage simplifies the risk management process, by providing a single source for U.S. companies wishing to secure global primary product liability coverage,” said Mitchell Schmidt, senior vice president, ACE Custom Casualty, part of ACE Casualty Risk.

Speaking about the benefits offered by this new product, Clint Johnson, executive vice president & head of Foreign Casualty, ACE Global Underwriting Group said, “Global risks require flexible solutions. Now more than ever, risk managers and brokers need an insurance carrier with the depth of underwriting expertise and breadth of products to provide them with creative and customized solutions. With the ACE Foreign Supplier Liability Insurance product, U.S.-based companies have the option of obtaining worldwide coverage that can extend to their foreign subsidiaries, with the same terms and conditions--and with the full assurance that this coverage complies with U.S. and foreign regulatory requirements.

Key benefits of this coverage include:*

• Simplified risk management process for foreign suppliers

• Single streamlined application for domestic and international coverage

• Single global solution with coordinated policy issuance

• Global servicing: state of the art infrastructure and dedicated global services team

For more information, contact Mitch Schmidt at (215) 640-1816 or Mitchell.Schmidt@ace-ina.com or Clint Johnson at (215) 640-4707 or Clinton.Johnson@ace-ina.com.

*Product highlights are summaries only; see actual policy for terms and conditions.