New Product Offering Expands Transportation Product Portfolio
PHILADELPHIA--(BUSINESS WIRE)--
ACE Group today announced the introduction of standalone Passenger
Accident Insurance. This coverage provides accidental death and
dismemberment and accident medical/dental expense benefits for
authorized passengers who are injured while traveling with a driver who
is working under the operating authority of the motor carrier. This
expanded capability complements ACE’s existing product portfolio, which
is designed to meet the unique needs of the transportation industry
through customized insurance solutions.
ACE’s transportation product solutions provide customized offerings to
help protect independent contractors and transportation carriers who are
not required by law to carry workers compensation coverage. ACE
recognizes that the exposures faced by the transportation industry
continue to evolve, resulting in the need for companies to streamline
their insurance and risk management practices.
“Since incorporating Occupational Accident insurance into our product
offering in 2001, and optional Contingent Liability coverage in 2012,
ACE has developed extensive expertise underwriting specialized insurance
products for independent contractors in the transportation industry. The
new Passenger Accident product offering complements ACE’s existing
product portfolio by providing needed protection for drivers,
owner-operators, and motor carriers who allow non-employee passengers to
travel in their trucks while on duty,” said Joe Vasquez, Division
President, Accident & Health, ACE USA.
“Whether you’re an independent owner-operator or a motor carrier with
hundreds of units, you have to be concerned about who will cover the
medical expenses if a non-employee passenger is injured in an accident,”
said Carl Hochstein, Assistant Vice President, Accident & Health, ACE
USA. “ACE’s Passenger Accident coverage pays accident medical expenses
for authorized passengers involved in an accident, and helps to provide
financial security in the event of serious injury or death.”
Key highlights of ACE’s coordinated insurance solutions for the
transportation industry include:
-
High quality occupational accident coverage for independent drivers
under contract with a transportation carrier who is not required by
law to carry workers compensation insurance
-
Optional contingency liability coverage to protect the carrier from
claims made by uninsured drivers against its workers compensation
policy
-
Passenger Accident insurance for transportation carriers and
independent contract drivers, designed to provide accident medical and
accidental death and dismemberment coverage to commercial truck
passengers
-
Superior client service and administrative support, including online
enrollment and claims capabilities
Key advantages of ACE’s transportation product offering include:
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Account coordination with one underwriter maintaining authority for
all transportation coverage on individual submissions
-
Backed by ACE’s financial stability (rated AA- by Standard & Poor’s
and A+ by A.M. Best)
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Underwriters specialized in a wide range of accident and health
products designed especially for corporate and special risk markets
Insurance is provided by ACE American Insurance Company, Philadelphia,
Pa., or, in some states, other insurers within ACE Group. The product
highlights above are a summary only; please see the actual policy for
terms and conditions. All products may not be available in all states.
Surplus line insurance is sold only through licensed surplus line
producers.
ACE’s Accident & Health division, a unit of ACE USA, is committed to
delivering a wide range of insurance products — from traditional
employers’ accident programs to specialty coverages for various types of
groups and their members. These products help protect against the
serious financial consequences of a sudden injury or illness. To learn
more about ACE’s Accident & Health division, please visit our
website.
ACE USA is part of ACE Group. ACE Group is one of the world’s largest
multiline property and casualty insurers. With operations in 54
countries, ACE provides commercial and personal property and casualty
insurance, personal accident and supplemental health insurance,
reinsurance, and life insurance to a diverse group of clients. ACE
Limited, the parent company of the ACE Group, is listed on the New York
Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index.
Additional information can be found at www.acegroup.com.
Source: ACE Group