News Release

ACE Private Risk Services Introduces New Homeowners Policy Offering Specialized Coverage and Unprecedented Flexibility for High Net Worth Households
Apr 3, 2009

PHILADELPHIA--(BUSINESS WIRE)--ACE Private Risk ServicesSM, part of the ACE Group of Companies, today announced its new Homeowners policy designed to meet the distinctive needs of affluent and high net worth customers. With its superior coverage and unprecedented flexibility, individuals and families with substantial assets will be able to tailor coverage to their specific needs and achieve maximum value for their premium dollar.

The new ACE Private Risk Services Homeowners policy is offered through independent agents and brokers as a component of the ACE Platinum PortfolioSM insurance program, which ACE launched in May 2008.

Key features of the new policy include:

  • ability to tailor coverage limits for contents and other structures from zero to as high as needed
  • unlimited loss of use coverage
  • mold coverage of $10,000, with options up to 100 percent of the home’s insured value
  • optional endorsements for primary flood and surface water coverage and family security coverage for home invasion, child abduction, kidnapping, car jacking, and more

“Like many consumers, clients with substantial assets have become more value conscious and risk adverse in today’s economy,” said Bob Courtemanche, CEO of ACE Private Risk Services. “They want to make sure they’re insured with a financially sound company, and they want to achieve the best balance between the cost and quality of their coverage. With ACE’s superior financial strength and the enhanced coverage and flexibility available in our new Homeowners policy, ACE Private Risk Services stands at the forefront in being able to meet all of these desires.”

Additional benefits of the policy include complimentary risk consultation services for high value homes and the promise to pay the full cost of rebuilding the home in the event of a total covered loss, even if the amount exceeds the value of the home listed in the policy. The policy also pays for the replacement cost of personal property without applying depreciation, covers losses due to back-up of sewers and drains, and waives the deductible for losses of more than $50,000, in most cases, if the deductible is $25,000 or less.

“One of the most popular features of the policy is our deductible reserve,” said Mr. Courtemanche. “If you choose a deductible of $2,500 or more, we will credit ten percent of the amount to a ‘reserve’ for each year with no claims on your policy. The reserve is used to reduce the deductible payment on the first claim. Since our typical homeowners client has a claim only once every eleven years, there’s a good chance the deductible will be eliminated. Also, if you add in the premium savings associated with a higher deductible, a client can save money even if they have a claim after two years.”

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, watercraft, jewelry and other valuables, as well as excess liability. In most instances, there is only one package policy to track and one bill to pay. For convenience, payments can be made automatically using the American Express® card or electronic funds transfer.

The ACE Platinum PortfolioSM policy is currently available in 20 states and the District of Columbia, which account for nearly 80 percent of all homes valued at $1 million or more in the U.S. ACE plans to complete a national rollout of ACE Platinum PortfolioSM, including the new Homeowners policy component, currently available in Arizona, Colorado, Georgia, Hawaii, New Jersey, Pennsylvania, Texas and the District of Columbia, in 2009. To obtain additional information regarding ACE Private Risk Services, please Product highlights are summaries only; please see actual policy for terms and conditions. The ACE Private Risk Services Homeowners policy is issued by Bankers Standard Insurance Company.

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 Private Risk Services
Media Contact:
Carla L. Ferrara, 215-640-4744