Ace Europe, a provider of property and casualty insurance and reinsurance services, has announced the launch of its new pension trustee liability product, Ace Elite PTL IV, to provide protection for pension trustees, pension schemes and employers in Ireland.
According to the company, the enhanced pension trustee liability (PTL) product combines the best features of the cover previously provided by it and also introduces enhancements of cover for costs incurred in taking action to prevent, limit or mitigate exposure to potential claims; extradition proceedings against trustees; court applications; investigatory and prosecution costs.
In addition, there is new cover for public relations expenses to limit the damage of negative publicity on a fund’s reputation.
Damien Toal, financial lines manager for Ireland at Ace, said: Providing trustees with the most comprehensive range of cover available in the market is at the heart of this new product. Ace Elite PTL IV has been developed with the changing regulatory environment in mind and we have continued to enhance our PTL insurance to reflect the increasingly complex responsibilities and risks trustees face in Ireland. Now pension trustees can take greater control over the protection of their personal assets.