News Releases

PHILADELPHIA--(BUSINESS WIRE)--June 2, 2005--INAMAR(R), the marine marketing and underwriting division of ACE USA, today introduced a significantly enhanced version of its Elite Yacht Program(R), an insurance program designed exclusively to fulfill the unique insurance needs of high-value luxury yacht owners. INAMAR, one of the nation's largest recreational marine insurance providers, has long been a leader in the luxury yacht insurance market and the new Elite Yacht Program reaffirms INAMAR's leadership position. 
 

INAMAR's Elite Yacht Program is designed specifically for vessels valued at $5 million or greater, and includes many new innovative benefits such as a waiver for the hull physical damage deductible if the loss amount exceeds that deductible. Other benefits and features include: worldwide navigation limits, fine arts coverage, captain and crew coverage, loss of charter income, rental reimbursement and marine environmental damage benefits, along with many other distinctive policy provisions that make this policy an ideal choice for discriminating yacht owners seeking the most comprehensive protection available for larger yachts.

"Our previous policy offered outstanding coverages, but the mega-yacht market is an evolving one in terms of the number of custom-designed vessels currently under construction, as well as their state-of-the-art electronic equipment and extensive navigational needs," said Judith J. Kraft, INAMAR's Vice President of Underwriting. "To continue offering the most comprehensive coverage and distinctive benefits, we developed this enhanced version of the Elite Yacht Program to keep us at the forefront of providing the outstanding level of coverage and service our customers deserve. We're certain our current customers will be pleased with the additional protection, as will be the many new luxury yacht owners we're sure to attract with this program."

Along with the insurance protection afforded through the Elite Yacht Program, customers will also benefit from the comprehensive loss control services provided by INAMAR. INAMAR is a leader in promoting maritime safety and its team of highly qualified, dedicated marine surveyors, engineers and loss control experts are available to inspect mega-yachts insured under the Elite Yacht Program. Their experienced and sound analysis of how best to protect a luxury vessel, its passengers and crew from an accident or loss, whether at sea or in port is unparalleled.

INAMAR Recreational Marine Insurance is the exclusive source for the marine insurance products of ACE USA, and one of the world's leading providers of marine insurance. INAMAR offers exceptional all-risk insurance coverage for vessels of all sizes - from the smallest to the largest - throughout the United States. Programs are available to protect the entire spectrum of pleasure yachts and boats and marine businesses, including luxury mega-yachts and sailboats, sport fishing boats, ski boats, personal watercraft, high performance vessels, select charter vessels and yacht clubs, marinas, boat dealers, and more.

To learn more about INAMAR and obtain valuable information on a wide range of safety and loss prevention topics, please visit www.INAMARmarine.com.

INMAR Recreational Marine insurance is a business unit of ACE Select Markets. Insurance policies issued by INAMAR are underwritten by subsidiary insurance companies of The ACE Group of Companies that are rated A (Excellent) by A.M. Best Company and A+ (Strong) by Standard & Poor's.

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, yachts and marine facilities, 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 around the world.