ACE USA Unveils Product for Insured Property Loss

ACE USA, the U.S.-based retail operating division of the ACE Group of Companies, has introduced ACE Supplemental Property -- a specialty product developed for property insurance customers to provide additional coverage for expenses and losses that can occur as the result of an insured property loss.

This coverage supplements the conventional property insurance program by providing payment for expenses incurred, although not fully paid, under the original property insurance program. Payment under the supplemental coverage policy is linked, as a percentage of loss, to the amount paid by the original property insurance policy.

The ACE Supplemental Property policy endorsement can be added to a customer’s existing traditional property program and applied to businesses of all types, subject to a maximum capacity of 10 percent of loss and $25M on a per occurrence and annual aggregate basis. Issued as a stand-alone policy or by endorsement, this coverage is available and underwritten through ACE USA’s Global Property unit, part of ACE’s Global Underwriting Group.

Speaking about the enhanced product offerings, Joe Sherry, senior vice president, ACE USA Global Property, said, “ACE is committed to providing flexible, innovative risk management solutions to address the uncertainty and financial burden of unrecovered expenses that go hand in hand with large property losses. ACE’s Supplemental Property products extend beyond traditional property coverage to provide a rapid claim turnaround process for commercial property customers seeking to minimize their exposure to ancillary losses.”

Key Features of ACE USA’s Supplemental Property Policy endorsement:

• Provides additional coverage to traditional property insurance program to cover costs associated with collateral damages
• Can be used to lessen impact of insured’s deductible structure and provides additional limit where needed by the insured
• Provides more flexibility for replacement of damaged property to apply additional funds for purposes of equipment or other relevant upgrades
• Streamlined and efficient claims-handling approach based on initial claims adjustment process

To learn more about ACE USA Global Underwriting Group and Global Property products and services, visit www.aceusa.com.