ACE Disaster Mortgage Protection insurance pays a homeowners' monthly mortgage payment (including taxes and escrow) while also making available emergency cash should their home become uninhabitable for 48 hours or more due to a covered disaster causing damage to their home. Payments may be made for up to two full years while the home is repaired or rebuilt. Additionally, ACE Disaster Mortgage Protection insurance provides added coverage by reimbursing insureds their deductible amount under their primary property insurance (homeowners, flood, windstorm or earthquake) when there is a reported and covered loss to their property.
"We are pleased to join with MarketPlace Makers in opening this new distribution channel to general agents and their producers. The recent windstorm losses in Florida, along with the storms and mudslide losses in California, made us aware that we must make our ACE Disaster Mortgage Protection product available to a broader group of American homeowners," said Patricia Goudarzi, Executive Vice President, ACE Select Markets. "Homeowners may not be aware that while the typical property policy pays for the repairs to their home, it does not make their mortgage payments or provide emergency cash if the home becomes uninhabitable. Extending this opportunity for eligible homeowners was the impetus for the creation of this unique distribution channel - a dedicated website created by MarketPlace Makers to sell ACE DMP through general agents."
MarketPlace Makers, Inc. is a marketing company that distributes ACE Disaster Mortgage Protection insurance coverage on behalf of ACE Select Markets to the general agent community. To learn more, please visitwww.marketplacemakers.com or contact Frank Minton at firstname.lastname@example.org.
In addition, National Insurance Underwriters (NIU), an affiliated company of National Safe Drivers (NSD), based in Deerfield Beach, Florida, has become the first general agency to join the MarketPlace Makers online platform. NIU will market the ACE Disaster Mortgage Protection product through the independent agency channel.
Howard Goldfarb, Senior Vice President of National Safe Drivers commented, "The opportunity to provide our agent clients with direct access to the ACE Disaster Mortgage Protection program appealed to us because--as ACE DMP is a new product to the agency marketplace--we understand the need the American homeowner has for this product, and this new online platform will make it easy for our agents to market the product to customers."
The ACE Disaster Mortgage Protection(SM) Policy is underwritten by ACE American Insurance Company in all states, except in Florida where the coverage is underwritten by Bankers Standard Insurance Company. Both companies are members of The ACE Group of Companies, rated A (Excellent) by A.M. Best Company and A+ (Strong) by Standard & Poor's. This product is not available in AK, CT, NJ, SD, and TX.
Coverage applies to primary residences only. Coverage is available in certain states for properties containing more than two separate household units, such as triplexes, townhomes and condominiums. This insurance provides no coverage for rental properties, mobile homes, and manufactured homes.
ACE Select Markets, a division of ACE USA, focuses on the underwriting and marketing of specialty insurance products targeted towards specific insurance buyers, affinity groups, small businesses and niche industries. Products and services are offered through a network of specialty agents as well as unique distribution channels and partners. Products and services include coverage for recreational boats and yachts, the ACE Disaster Mortgage Protection(SM) Policy, and credit card enhancement programs.
ACE USA is the U.S.-based retail operating division of The ACE Group of Companies, headed by ACE Limited (NYSE:ACE), and is rated A (Excellent) by A.M. Best Company and A+ (Strong) by Standard & Poor's. ACE USA, through its underwriting companies, provides insurance products and services throughout the U.S. Additional information on ACE USA and its products and services can be found at www.ace-ina.com. The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients.