MADRID--(BUSINESS WIRE)--ACE Group today launched ACE Moda TM, a new packaged insurance product designed to cover the casualty and fire risks of companies in the fashion retail sector as it continues to develop its proposition for retail and luxury goods companies across Iberia and Continental Europe.
ACE Moda has been developed in response to client feedback and brings together ACE’s extensive knowledge and experience in the retail sector. Its launch reflects the changing needs of this increasingly globalised industry in Iberia and follows the launch of ACE’s luxury goods practice in Continental Europe earlier this year. The product features have been specifically developed for the retail industry and ACE Moda is designed to efficiently complement the company’s insurance offering in other lines, such as group personal accident and business travel, directors and officers liability, crime and marine.
Product benefits include:
- The innovative cover “No dress, no bride”, which covers the expenses incurred by the insured due to the non-delivery of wedding dresses on time because of an accident
- Automatic inclusion of non-standard clauses, such as cover for image restitution expenses due to product recall
- The potential to include, in the same policy, terrorism and political violence cover
- Ability to structure the product as a multinational programme from the retailer’s first store opened abroad with access, for both broker and client, to ACE’s global network and specialised multinational services
José Ramón Martínez, Property Insurance Manager for ACE in Iberia, said:
“At ACE, we continue to develop tailored products to meet the changing needs of our clients. We have designed, with ACE Moda, a complete product that includes specific and innovative guarantees for the retail sector and also offers other guarantees that, although they already exist in the market, were not included in policies automatically.
“Additionally, ACE Moda protects companies through their international expansion, whether at the time of the first store opening or as they continue to grow their global footprint and we always willing to share our experience with brokers seeking to offer an improved international service to their clients”.
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.