ACE Group has launched a suite of professional indemnity (“PI”) wordings aimed exclusively at media companies domiciled outside the U.S. and Canada.
According to ACE, the suite of four new wordings are tailored for the digital age and are aimed at:
- Broadcasters.
- Media companies.
- Producers.
- Publishers.
The company reported that the new wordings offer coverage for the specific exposures faced by the media industry. The cover includes:
- Defamation, confidentiality and privacy coverage.
- Breach of contract including breach of license (where the insured exceeds express limitations regarding the territory, duration, or medium of distribution of a third party's copyrighted material), and breach of authority (where the insured is committed to pay for media space or print time but in respect of which the insured's client refuses to pay due to allegations that the insured acted outside of their authority).
- Breach of intellectual property including coverage to pursue those who have breached the insured's intellectual property.
- Breach of comparative advertising regulation, the costs to withdraw content which has been the subject of a complaint to OFCOM/the Advertising Standards Agency in addition to standard mitigation coverage.
- Defense costs for proceedings or investigations brought under the data protection act.
- Subpoena defense costs to challenge the scope of any subpoena to a court of England and Wales ordering disclosure of any information or material relating to any confidential source.
- Cyber cover as standard.
Steve Driscoll, the product head of United Kingdom and international professional lines at ACE global markets, said, “While ACE has been providing professional indemnity cover for many years, we are always looking at ways to respond better to clients' needs and develop our covers accordingly. In today's digital age, media companies face very specific exposures to which we are responding with this suite of covers. In addition, our team of underwriters brings with them a wealth of experience in underwriting professional indemnity with Adelle Gruber who has significant experience in the London market and Geoff Russell in dealing with our broker community and customers in the regions outside London.”
Learn more: http://www.acegroup.com/uk-en/.

