ACE Excess Casualty Unit has introduced ACE Cat Management 2.5 endorsement, a catastrophe management insurance product.
An enhancement to the existing catastrophe management endorsement, the version will provide additional limits up to $2.5m to eligible insureds and also expands the managing threats payments for insured's reputation and other expenses directly related to catastrophic events.
ACE Excess Casualty executive vice president Carol Laufer said the product enables to dramatically supplement existing coverage so that companies can further enhance their globally-oriented catastrophe management plans.
In addition to providing 24/7 toll free access to notify the event and request coverage, catastrophe management event cost coverage as well as affected emergency third-party funeral costs, psychological counseling costs and temporary living costs are also provided.
Coverage for the costs of independent laboratory's testing to verify the cause of illness or disease from contamination of food as well as the costs of the employment of engineers, scientists or other professionals for the purposes of rescue or attempted rescue is also provided by the new endorsement.
It also provides for costs retaining a qualified public relations or crisis communications firm as well as travel-related costs for directors, officers and others.
