ACE Announces Enhanced Excess Casualty Coverage for Middle Market Companies with Complex Risk Exposures
May 05 2015 - 6:46PM
Business Wire
- New A/B Umbrella PlusSM Form Includes
Higher Limits, Built-in Catastrophe Management and Optional Key
Executive Personal Liability Coverages, and Cyber Liability
Endorsement
ACE Group today announced a strategic initiative to expand its
range of excess casualty corporate risk coverages, specifically
designed to provide more extensive protection to middle market
clients as a result of this segment’s growth and need to manage
emerging risks. The U.S. middle market segment, which makes up
one-third of all U.S. jobs, is a driving force that continues to
outpace the national economy in both revenue and employment
growth.i The enhanced offerings, available for businesses with
revenues up to $1 billion, include ACE’s comprehensive, new AB
Umbrella Form, a coverage combination that blends both an excess
and umbrella liability policy, and is designed to close coverage
gaps, now contains built-in catastrophe management coverage and
higher capacity limits. Optional key executive personal liability
coverage and a cyber-risk endorsement are also available as part of
the offerings.
“We are pleased to be able to offer new excess coverage options
that respond to the growing needs of middle market businesses,”
said Joseph Fobert, Senior Vice President, ACE Excess Casualty. “As
that market segment expands, so does the need for greater insurance
coverage, to help protect against a broad range of potential risk
exposures, such as catastrophic events, cyber liability, and
provide catastrophe management services, to name a few. The
expansion of ACE’s Excess Casualty products further demonstrates
how we continuously strive to build and expand our offerings, as
part of our overall commitment to supplement our already robust
insurance programs.”
Specific ACE Excess Casualty corporate risk coverage expansion
for the middle market segment includes:
- ACE AB Umbrella PlusSM Form - including
Catastrophe Management and optional Key Executive Personal
Liability
- Increased capacity limits, up to $50
million
- Coverage for approximately 700 industry
classes
- Cyber Event Coverage Endorsement -
$25,000 annual limits for “cyber event costs” includes
reimbursement for obligated expenses incurred by insured for
retained services, such as a public relations firm, law firm,
computer forensics firm, and notification service for notifications
as required by statute
- ACE ExpressSM Umbrella – Our
proprietary web-based platform for appointed brokers to directly
quote, bind, and issue policies, 24 hours a day, 7 days a week, for
more than 400 classes of business
ACE Excess Casualty provides worldwide lead umbrella and excess
liability insurance for U.S.-based multinational companies. To
obtain more detail about ACE Excess Casualty corporate risk product
expansion, including important conditions, click here. Insurance is
provided by ACE Property and Casualty Insurance Company,
Philadelphia, PA, or, in some jurisdictions, other insurance
companies within ACE Group. All products may not be available in
all jurisdictions. The product information above is a summary only.
The insurance policy actually issued contains the terms and limits
of the contract.
About ACE Group
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 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, or follow ACE on
Twitter, https://twitter.com/ACEGroupNA.
i
http://www.middlemarketcenter.org/Media/Documents/MiddleMarketIndicators/ncmm-infosheet-final-10-21.pdf
ACE GroupCarla Ferrara,
215-640-4744carla.ferrara@acegroup.com
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