News Releases

PHILADELPHIA--(BUSINESS WIRE)--ACE Private Risk Services, the high-net-worth personal lines business of the ACE Group, today announced that its ACE Platinum Portfolio® program can now include automobile coverage in Massachusetts. With this introduction, ACE Private Risk Services becomes the first carrier in the state to offer automobile coverage that is both superior to the standard state policy form and part of an overall program that can also provide home, valuable collections, and umbrella liability insurance within one package policy, paid with just one bill.

“Our ACE Platinum Portfolio program is specifically designed to meet the complex insurance needs of individuals and families with emerging and established wealth,” said Bill Wise, the newly-appointed Regional Vice President, Northeastern Region of ACE Private Risk Services. “We are pleased to add our automobile coverage to the program for Massachusetts residents, who can now have a level of coverage, service, and convenience that has never been available.”

Compared to the standard policy and claim practices offered by the vast majority of carriers in the state, key benefits of the automobile coverage under the ACE Platinum Portfolio program include:

• Optional “Agreed Value” coverage that includes both collision and comprehensive claims instead of just comprehensive claims.
• Payment for parts produced by the original manufacturer, also called OEM parts, instead of “generic” or “after market” auto parts from third-party manufacturers.
• A unique “Deductible Reserve” feature that credits ten percent of any deductible amount of $1,000 or more towards a “reserve” for each claim-free year on the policy. The reserve effectively reduces the deductible payment once there is a claim.
• Up to $10,000 with no per-day limit for the cost of renting a car while a vehicle is being repaired due to a covered loss, instead of a much lower total limit and a per-day limit as low as $15 per day.
• Optional “New for Old” coverage that will replace an auto after a covered loss with a comparable new one in the latest model year.
• A package discount of ten percent when auto coverage is purchased in combination with home and umbrella liability coverage.
• Liability limits up to $1 million, with the option to choose a combined single limit instead of separate limits for per-person bodily injury, per-accident bodily injury, and property damage.

“Many Massachusetts residents with emerging and established wealth have already taken advantage of the home, valuable collections, and umbrella liability coverage in our ACE Platinum Portfolio program, which we introduced to the state in 2009,” said Julie Walsh, Territory Manager of Massachusetts for ACE Private Risk Services. “The addition of automobile coverage brings our program in line with the rest of the country, where we also have had great success.” The ACE Platinum Portfolio is available in all 50 states and offered through independent agents and brokers.

About ACE Private Risk Services

ACE Private Risk Services is the ACE Group’s high-net-worth personal lines business, which provides specialty coverage for homeowners, automobile, recreational marine, umbrella liability and collections insurance for high-net-worth individuals and families. Additional information can be found at: www.aceprivateriskservices.com. The ACE Group is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE:ACE), a component of the S&P 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at:www.acegroup.com.