News Release

ACE Private Risk Services Introduces Umbrella Policy with Most Comprehensive Coverage
Specialized Policy Offers Limits up to $100 million for High Net Worth Customers
Mar 6, 2009

PHILADELPHIA--(BUSINESS WIRE)--ACE Private Risk ServicesSM, part of the ACE Group of Companies, today announced the availability of an innovative Umbrella policy designed to meet the distinctive needs of high net worth customers. The new policy features liability limits up to $100 million as well as new benefits that provide the most robust coverage to address the unique needs of high net worth customers.

ACE Private Risk Services has begun the national rollout of this product, which is currently available in New Jersey, Pennsylvania, Maryland, the District of Columbia, Virginia, Georgia, Tennessee, Kentucky, Texas, and Minnesota.

“In these difficult economic times, high net worth customers present especially attractive targets for liability lawsuits, which can result in jury awards and settlements in the tens of millions of dollars,” said Bob Courtemanche, Chief Executive Officer, ACE Private Risk Services. “Our new Umbrella policy helps high net worth individuals and families protect their hard-earned success in these cases.”

Umbrella insurance, also known as excess liability insurance, provides coverage above and beyond the liability limits in Home and Auto policies, which often stop at $300,000 or $500,000. Without the added protection of an Umbrella policy, customers could be forced to sell their home, tap retirement savings, and even give up future earnings to pay a liability settlement exceeding those limits. Umbrella coverage also includes the coordination of legal defense against liability lawsuits. The ACE policy pays for legal costs in addition to rather than as part of the policy limit – a key benefit since legal costs are often significant.

Along with the option of limits up to $100 million, additional features include reimbursement for private counsel expenses to shadow the primary legal defense team, reimbursement for the cost of engaging firms to protect a family’s reputation and generous credits for carrying underlying insurance with higher liability limits.

Optional endorsements can be added to the policy for employment practices liability for domestic staff, D&O coverage for volunteer board members of non-profit organizations, and uninsured/underinsured coverage up to $10 million. The uninsured/underinsured endorsement protects families if they suffer bodily injury or property loss at the hands of someone who has no or insufficient insurance. This endorsement is unusually broad because it is not limited to automobile accidents. It applies to other accidents as well, such as swimming pool mishaps at a neighbor’s property, for example.

“We’re pleased to offer our customers this additional level of protection at a time when it is most critical,” said Mr. Courtemanche. “ACE’s financial strength, combined with our commitment to excellence in customer service, gives our customers the reassurance they need to protect the safety and financial well- being of their family.”

The new Umbrella policy is being offered through independent agents as a component of the ACE Platinum PortfolioSM insurance program. Designed specifically for affluent and high net worth customers, the ACE Platinum PortfolioSM policy can provide superior levels of coverage for homes, vacation properties, automobiles, jewelry and other valuables, as well as excess liability. In most instances, there is one package policy to track and one bill to pay.

To obtain additional information regarding ACE Private Risk Services, please visit: Product highlights are summaries only; please see actual policy for terms and conditions. The Umbrella policy is issued by Bankers Standard Insurance Company. Products and services may not be available in all 50 states.

ACE Private Risk Services is the high-net-worth personal lines business of ACE, which provides specialty coverage for homeowners, automobile, recreational marine, umbrella liability and collections insurance for affluent individuals and families. The ACE Group of Companies is headed by ACE Limited (NYSE: ACE), and is rated A+ (Superior) by A.M. Best Company and A+ (Strong) by Standard & Poor’s. The ACE Group provides insurance and reinsurance for a diverse group of clients around the world. To learn more about the ACE Group of Companies, please visit:


ACE North America - Communications
Carla Ferrara, 215-640-4744