ACE-GROUP

ACE Group today announced the launch of ACE Tech Pro, a comprehensive insurance solution for technology companies, as part of its strategy to meet the changing professional liability needs of different industries in Continental Europe.

ACE Tech Pro is designed to support technology companies in Continental Europe, from consultants working alone or in smaller and medium-size businesses, through to upper mid-market and larger companies, including European-based multinationals requiring bespoke global insurance programmes.

The policy covers the pure financial losses of a third party due to wrongful acts committed by the insured, including its employees, during the normal exercise of their duties across different countries. This includes malpractice, errors or omissions, negligence and reckless acts, project delay, accidental disclosure, breach of confidentiality and privacy breach as well as lack of performance.

ACE Tech Pro also covers insureds for defamation, transmission of a computer virus, loss of documents, infringement of intellectual property rights and defence costs in connection with a covered claim.

The proposition consolidates ACE’s existing professional indemnity offering in a number of countries, while additionally extending it to new markets. It was launched in France in 2014 and will be rolled out to other core markets during 2015 including – for the first time – Spain, Italy, Poland, Switzerland, the Czech Republic and the Nordic region. It also offers market-leading extensions, including:

• Outstanding fees : payment of the insured’s outstanding fees in the event that a third party threatens to bring a claim against the insured for an amount greater than the outstanding fees if the Insured attempts to recover them.
• Key man loss : in case of death or temporary disability longer than three months of a project manager, payment of headhunter fees to replace this person.
• Reputational crisis management : payment of PR agency fees to help restore the reputation of the insured.

Grant Cairns, Regional Manager, Financial Lines for ACE in Continental Europe, said:

“In today’s more litigious environment, technology firms of all types that provide professional advice, handle customer data and work with intellectual property can find themselves subject to legal challenge regarding the services they provide. Increasingly, many of the technology industry’s clients also expect insurance cover to be in place and may ask to see an insurance certificate.

“ACE Tech Pro is an excellent example of ACE’s ability to offer brokers and clients market-leading, flexible professional indemnity solutions across different industries. For smaller businesses in France, our easy-to-use online EASYACE platform provides the cover they require at a competitive price with minimum administration for the broker while for larger multinational businesses, our European team has extensive expertise in implementing effective and compliant global programmes”.

Jeff Moghrabi, Regional President, Continental Europe at ACE, said:

“ACE Tech Pro responds to the dynamics of the changing market for tech companies and reflects our capability to tailor professional indemnity solutions to the needs of Continental Europe’s specialist and fast-growing industries and sectors. Brokers can also access ACE Tech Pro as part of a wider casualty solution at ACE that potentially covers all their clients’ liability risks.”

ENDS

About ACE:

ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 54 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of the ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index.

Visit www.acegroup.com/eu

Contact:

ACE Group
Nicholas Mandalas - Regional Communications Manager, Europe, Eurasia & Africa
T: +44 20 7173 7793
E: nicholas.mandalas@acegroup.com

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