ACE USA Introduces Storm Tracker, a New Insurance Product for Business Losses Due to Hurricane Threat

ACE USA, the U.S.-based retail operating division of The ACE Group of Companies, has introduced Storm Tracker(SM), a new insurance product that provides coverage for business losses occurring when a hurricane arrives within a predetermined number of miles of an insured location, even if there is no physical damage to the insured property. This innovative product fills the hurricane-related coverage gaps in current property and business interruption policies, offering flexible design to cover windstorm deductibles, business interruption, and hurricane-related extra expenses. Storm Tracker is poised to benefit a wide range of businesses, from Caribbean resorts to commercial ports, power transmission utilities, and off-shore oil drillers.

Key Takeaways:

• Storm Tracker is a new insurance product designed to cover business losses due to hurricane threats, even if there is no physical damage to the insured property.
• The product fills the gaps in current property and business interruption policies, providing coverage for windstorm deductibles, business interruption, and hurricane-related extra expenses.
• Storm Tracker can be structured to cover a wide range of businesses, including Caribbean resorts, commercial ports, power transmission utilities, and off-shore oil drillers.
• The product is designed to assist businesses in controlling weather-related costs, enabling them to more effectively manage their bottom line.
• Specific rates are available for hurricane-impacted counties on the U.S. eastern seaboard and Gulf Coast, as well as the Caribbean and eastern Canada.
• ACE USA's commitment to delivering superior service and unmatched breadth of products has led to the development of this creative risk management solution.
• Researchers at Colorado State University predict the 2004 Atlantic hurricane season to be more active than normal, emphasizing the need for businesses in coastal areas to expect increased storm-related costs.

Statistics:

• 2004 Atlantic hurricane season predicted to be more active than normal, according to researchers at Colorado State University.
• Storm Tracker will benefit a wide range of businesses, including Caribbean resorts, commercial ports, power transmission utilities, and off-shore oil drillers.
• The product can be structured to cover windstorm deductibles, business interruption, and hurricane-related extra expenses.
• Specific rates are available for hurricane-impacted counties on the U.S. eastern seaboard and Gulf Coast, as well as the Caribbean and eastern Canada.

Sources:

• Business Editors PHILADELPHIA--(BUSINESS WIRE)--April 12, 2004
• "As part of our commitment to delivering superior service and an unmatched breadth of products, ACE USA continuously seeks to develop creative risk management solutions to help our clients fill unmet needs," said Ed Zaccaria, President, ACE US International Group.
• "With researchers at Colorado State University predicting the Atlantic basin's 2004 hurricane season to be more active than normal, businesses in coastal areas should expect increased storm-related costs," said Ravi Nathan, Senior Vice President, Global Weather for ACE US International Group.
• ACE USA is a U.S.-based retail operating division of The ACE Group of Companies, headed by ACE Limited (NYSE:ACE).