ACE USA to Expand Stand-Alone Terrorism Product.Business Editors PHILADELPHIA--(BUSINESS WIRE)--April 4, 2003 ACE USA today USA Today National U.S. daily general-interest newspaper, the first of its kind. Launched in 1982 by Allen Neuharth, head of the Gannett newspaper chain, it reached a circulation of one million within a year and surpassed two million in the 1990s. announced that its terrorism-related products would provide broader solutions for U.S.-based clients. This new offering addresses coverage gaps created by the Terrorism Risk Insurance Act The Terrorism Risk Insurance Act (TRIA) is a United States federal law signed into law by President George W. Bush on November 26, 2002. The Act created a federal "backstop" for insurance claims related to acts of terrorism. (TRIA TRIA Terrorism Risk Insurance Act of 2002 TRIA Term Requirement in Average ), including losses resulting from acts of domestic terrorism Noun 1. domestic terrorism - terrorism practiced in your own country against your own people; "the 1995 bombing of a federal building in Oklahoma City was an instance of domestic terrorism" , and expands policy benefits to include international properties. The expanded ACE terrorism insurance program will offer multiple product selections, and increased capacity. "Under the provisions of TRIA, coverage and capacity issues will remain for large risks and those businesses with subsidiaries outside the U.S. In today's turbulent world, these are precisely the types of exposures that risk managers can ill afford to ignore," said Susan Rivera, president, ACE INA Ina (ē`nä), city (1990 pop. 60,062), Nagano prefecture, central Honshu, Japan, on the Tenryu River. It is an agricultural and industrial center with a famous agricultural school. Holdings, Inc. The expanded stand-alone ACE USA policy will cover direct loss or damage to insured property as a result of acts of terrorism, whether "certified" or "non certified" under the TRIA Act of 2002. In addition, the policy will extend terrorism coverage to include locations beyond U.S. borders and allow the insured with large exposures the ability to specify structures for coverage and tailor policy limits. "In the few months that TRIA has been in effect, there has not generally been wide acceptance because the coverage being offered is incomplete," said Ed Zaccaria, president of ACE's Specialty P&C Group. "This expanded product provides risk managers with more certainty that all acts of terrorism will be covered on a global basis." The expanded coverage will be marketed through both retail and wholesale insurance brokers. Wholesale distribution will be coordinated through ACE Westchester Specialty Group, one of the ACE Group of Companies. For more information, please contact Peter Detmering, vice president, Property at 215/640-2006. ACE USA, headquartered in Philadelphia, is the 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 provides insurance products and services through the U.S. operating subsidiaries. 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. |
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