PHILADELPHIA--(BUSINESS WIRE)--ACE USA, the U.S.-based retail operating division of the ACE Group of Companies, today introduced ACE Supplemental PropertySM -- 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 ten 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*
ACE Global Underwriting Group, part of ACE USA, specializes in global programs and specialty coverages and provides comprehensive risk management programs and services for a diverse market of mid- to large-size U.S.-based companies, not-for-profit and government entities. To learn more about ACE USA Global Underwriting Group and Global Property products and services, please visit www.aceusa.com.
*Product highlights are summaries only; please see actual policy for terms and conditions. Products are subject to risk eligibility requirements and may not be available in all jurisdictions and locations.
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+ (Superior) 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.aceusa.com. The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients around the world.