ACE USA Introduces New Professional Risk Policies.Business Editors PHILADELPHIA--(BUSINESS WIRE)--April 4, 2003 Philadelphia-based insurance group ACE USA introduced its new ACE Advantage(SM) suite of management liability and errors and omissions errors and omissions n. short-hand for malpractice insurance which gives physicians, attorneys, architects, accountants and other professionals coverage for claims by patients and clients for alleged professional errors and omissions which amount to negligence. insurance products today. The new products address the most important concerns expressed by corporate executives and professionals in a wide variety of industries. "With executives and professionals under unprecedented levels of scrutiny, the ACE Advantage products address today's business Today's Business is a show on CNBC that aired in the early morning, 5 to 7AM ET timeslot, hosted by Liz Claman and Bob Sellers, and it was replaced by Wake Up Call on Feb 4, 2002. concerns which have been expressed by senior management in both the public and private sectors" said John Lupica, president, ACE Diversified Risk. "Our new forms have been developed to provide our customers with coverage they critically need in today's sensitive environment. In addition, we've made our new forms, including applications and other materials, available online at www.aceprofessionalrisk.com to make it as easy as possible for agents and brokers to market the ACE Advantage products". The new ACE Advantage management liability insurance products provide executives with the protection they need in four new policies: 1. Directors' and Officers' Liability Policy - provides directors and officers with management liability protection. 2. Side A Directors' and Officers' Liability Policy - provides executives coverage for loss for which they do not receive indemnification Indemnification Used in insurance policy agreements as to compensation for damage or loss. In the context of corporate governance, Director Indemnification uses the bylaws and/or charter to indemnify officers and directors from certain legal expenses and judgements resulting from from their company, and which is not otherwise insured on account of policy exhaustion, rescission The abrogation of a contract, effective from its inception, thereby restoring the parties to the positions they would have occupied if no contract had ever been formed. By Agreement , warranty breach, restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. exclusion, or attachment by a court in a bankruptcy. 3. Directors' and Officers' Liability Policy for Companies in Bankruptcy - provides protection to executives in organizations undergoing reorganization, so that they are less hindered by acts and claims prior to bankruptcy. 4. General Partners' Liability Policy - provides management liability protection to executives of general partnerships. These new products complement the existing array of management liability products offered by ACE USA, including the Insurance Company Professional Liability Policy; the Mutual Fund, Investment Advisor Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and and Service Provider Professional Liability Policy; and the Securities Broker-Dealer Professional Liability Policy. The new ACE Advantage errors and omissions insurance products provide coverage for public officials, school officials, architects and engineers, and digital technology professionals. These products expand upon the current errors and omissions policies offered by ACE Professional Risk, such as the Logistics Professional Liability Policy and the Miscellaneous Professional Liability Policy, which protects professionals in over 100 types of businesses. The ACE Advantage products complete a series of management and professional liability policies offered by ACE Professional Risk, to provide critical protection in today's litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. environment. "Perhaps most significantly, all of our policies are supported by our capacity and superb service" notes Lupica. The policies and further information can be found at www.aceprofessionalrisk.com. ACE USA is a U.S.-based operating division of the ACE Group of Companies, headed by ACE Limited (NYSE NYSE See: New York Stock Exchange :ACE). ACE USA, through its underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. companies, provides insurance products and services throughout the U.S. The ACE Group of Companies provides insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. for a diverse group of clients around the world. Additional information about the ACE Group of Companies can be found at www.acelimited.com. |
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