ACE Green Offers Businesses Insurance for Climate Related Risk

ACE Green Offers Businesses Insurance for Climate Related Risk

Experts have long cautioned companies to consider potential business losses caused by a warming planet and related regulations. Now a global property and casualty insurance group is offering businesses insurance to reduce their exposure to environmental risks.

The ACE Group of Companies on Monday launched ACE Green, a slew of insurance products to help protect businesses from environmental and climate-changed losses. ACE Green, for instance, covers companies involved in carbon capture and storage (CCS), emissions reductions projects and traders of emissions reduction credits across borders, among others.

"Companies across the world need to embrace measures that help to combat the risks associated with climate and environmental change," John Keogh, CEO of ACE Overseas General. "Ignoring environmental responsibilities is no longer an option."

ACE underwrites professional indemnity coverage for environmental consultants working in engineering, assessments and remediation, lab testing, waste brokering and habitat restoration, among other areas.

Its Global Weather offering insures against unpredictable weather conditions. The company offers a product to reduce risk in green building and renewable energy projects, such as biogas, fuel cell, solar, wind, waste-to-energy and biofuels.

The company also has an insurance policy that protects clients from political risk in the form of governmental interference, embargo or war violence for environmental projects involving transactions that cross borders.