ACE Releases Advisory on Managing Employers’ Liability Costs for U.S.-based
PHILADELPHIA -- January 27, 2014
ACE Group today announced the release of a new advisory entitled,
“International Employers’ Liability Trends Affecting the Manufacturing
Sector,” which examines the rising cost and major expense of employers’
liability insurance for U.S.-based manufacturing companies operating outside
of the United States. The advisory discusses issues surrounding the management
of employers’ liability expenses, and the importance of adhering to local
regulatory requirements through a focused approach of proper loss controls and
the implementation of a well-structured global insurance program.
“With our Foreign Casualty practice’s vast scope of products, services and
expertise, we are committed to providing practical information on a wide range
of relevant issues to U.S.-based multinational businesses that have operations
or employees who travel outside the U.S.,” said Bryan Tedford, Senior Vice
President, ACE Foreign Casualty. “This advisory reports on employers’
liability insurance, which ranks as one of the biggest expenses for
multinational manufacturing companies. Our goal is to assist these entities in
managing potential exposures through helping them design and manage a
comprehensive global insurance program.”
The new ACE Advisory was co-authored by Joerg Reinholdt, Senior Vice
President, National Field Operations, ACE Foreign Casualty and Steven
Schwartz, Vice President, ACE Foreign Casualty. The advisory is part of a
larger series of papers that ACE produces that are designed to provide useful
information on current industry topics faced by risk managers.
The advisory highlights several recent international legal and risk management
developments in the United Kingdom, Europe and China that could have an impact
on employers’ liability costs for manufacturers. According to Mr. Reinholdt,
“Whether a manufacturer operates inside or outside the United States, it must
always comply with the laws and regulatory requirements of the jurisdictions
where it conducts its’ operations. When those laws and regulations change or
when new trends emerge, it can often have an impact on insurance costs as well
as other operating expenses.”
In conjunction with complying with international laws and regulations,
manufacturers should consider integrating their employers’ liability insurance
coverage into a global program to help control their overall insurance costs.
Mr. Schwartz commented, “Manufacturers that bring employers’ liability
insurance into a global insurance program are often in a better position to
understand claims trends and control losses, which then allows them to take
potential corrective actions and reduce losses. Additionally, when seeking
employers’ liability insurance, it is important that manufacturers consider
working with an insurance carrier that has a strong global presence and the
ability to place admitted policies in local markets.”
To access the report, please visit our website. The material presented in this
report is not intended to provide legal or other expert advice. It is
presented as informational only. Readers should consult legal counsel or other
technical experts, as applicable, with any specific questions they may have.
ACE Foreign Casualty, a division of ACE USA, specializes in providing
international casualty insurance programs for exposures outside the U.S.,
including specialty products for small, mid-sized and large U.S.-based
companies, non-profits and educational institutions. Offerings range from
simple package policies to complex multinational programs with sophisticated
risk transfer options. For more information please visit our website.
ACE USA is the U.S.-based retail operating division of ACE Group, and is rated
A+ (Superior) by A.M. Best Company and AA- (Very Strong) by Standard & Poor’s.
ACE USA, through its underwriting companies, provides insurance products and
services throughout the U.S. Additional information on ACE USA and its
products and services can be found at www.acegroup.com/us.
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 supplemental
health insurance, reinsurance and life insurance to a diverse group of
clients. ACE Limited, the parent company of ACE Group, is listed on the New
York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index.
Additional information can be found at: www.acegroup.com.
Carla L. Ferrara, 215-640-4744
Press spacebar to pause and continue. Press esc to stop.