PHILADELPHIA--(BUSINESS WIRE)--
With the devastation of Superstorm Sandy still fresh in the minds of
boat owners, many on the Atlantic and Gulf Coasts have sought affordable
ways to protect their vessels in the event of another severe storm. ACE
Recreational Marine, one of the nation’s largest recreational marine
insurance providers, and part of ACE Group, today announced the
introduction of a unique optional endorsement that waives coverage for
storm surge damage for those boat owners who are willing to move their
vessels out of harm’s way, and rewards them with a potentially
substantial reduction in their insurance premium.
“Owners who keep their boats on coastal waters from Maine through Texas
will save the most with this new option,” said Damon R. Hostetter,
Senior Vice President, ACE Recreational Marine. “We foresee our optional
Storm Surge Exclusion endorsement appealing to boat owners who are
passionate about their boats, and willing to move their vessels beyond
the reach of a storm surge, waves or high tidal waters caused by a
severe storm. In return, they can enjoy an opportunity to save what
could be a considerable amount of premium dollars.”
Conscientious boat owners have a number of methods for preventing damage
from storm surges. When size allows, they can keep their boat on a
trailer and drive it to a safe location. They can also store a smaller
boat in “high-and-dry” storage, or make arrangements for their
watercraft to be hauled ashore at a facility with sufficient elevation
to be beyond the reach of a storm surge. Owners of larger vessels may
have a captain and crew to navigate their yachts out of an approaching
storm’s path. By addressing the risk of damage from storm surges in
advance, these boat owners can feel more comfortable excluding the
coverage in their policy, thus reducing their premiums. This distinctive
insurance option is yet another example of ACE continuing to lead the
way in offering highly tailored protection to families and individuals
who own boats, homes, and other tangible assets.
ACE also offers free preparation guides for “Hurricanes
and Severe Storms,” along with “Hurricane
Preparation Tips for Boaters,” which include detailed
recommendations for owners of trailerable and non-trailerable boats to
undertake prior, during and after a storm. Please visit www.acemarineinsurance.com
for additional information.
ACE Recreational Marine Insurance, part of the ACE Private Risk Services
business of ACE Group, has been serving marine clients for more than 200
years, since 1792 when its predecessor company wrote the very first
marine insurance policy issued in the United States. ACE offers
exceptional all-risk insurance coverage to protect the entire spectrum
of pleasure yachts and boats, including cruisers, luxury mega-yachts and
sailboats, sport fishing boats, classic and vintage vessels, ski boats,
personal watercraft and select charter vessels. Product highlights are
summaries only; please see actual policy for terms and conditions.
Products may not be available in all states.
About ACE Private Risk Services
ACE Private Risk Services is ACE Group’s high-net-worth personal
insurance business, which provides specialty coverage for homeowners,
automobile, recreational marine, umbrella liability and collections
insurance for individuals and families with emerging and established
wealth. Policies are issued by Bankers Standard Insurance Co., Atlantic
Employers Insurance Co., and ACE Insurance Co. of the Midwest.
Additional information can be found at: www.aceprs.com.
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 supplemental
health insurance, reinsurance, and life insurance to a diverse group of
clients. ACE Limited, the parent company of 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