New Online Underwriting Platform Delivers Five-Minute Quoting and
Binding Process That Benefits Brokers and Their Clients
PHILADELPHIA--(BUSINESS WIRE)--
More than 10 million commercial and residential properties remain
unoccupied in the United States, according to the U.S. Department of
Commerce Census Bureau. These vacant buildings and land pose a host of
potential financial, legal, and safety risk exposures that many owners
in the small business marketplace are unaware of or unable to mitigate
due to existing insurance policy limitations. Amid this backdrop, ACE
Commercial Risk Services, which focuses on insuring the risks that
face small businesses, today launched its Vacant
Building and Vacant
Land insurance products.
The Vacant Building and Vacant Land product is a new area of focus that
serves the property and casualty package specialty lines market for
select small businesses, and deepens ACE’s growing product portfolio for
the small commercial market. ACE Commercial Risk Services will continue
to launch new products for small businesses (with 20 or fewer employees)
in the fourth quarter of 2014 and through 2015.
These Vacant Building and Vacant Land insurance products include
specific options for small business owners that were previously
unavailable to this segment. Specifically, policyholders have the
ability to consider Replacement Cost and Special Cause of Loss for
qualified properties and obtain coverage for both vacant and certain
partially vacant commercial and residential properties, condo units and
rental space, with or without renovation work.
“National vacancy rates are declining, but owners of lots or property
that are vacant still need to effectively mitigate their potential
exposures. Insurance coverage for vacant property is typically excluded
from traditional business owner policies, and many owners wrongly assume
their existing policies will provide coverage should a property become
vacant,” said David Charlton, Division President, Property & Casualty
and Micro-business Division, ACE Commercial Risk Services.
He continues, “Until now, many property owners have not had access to an
insurance carrier that provides specific coverage options for vacant
buildings and vacant land. This lack of protection has left property
owners vulnerable and financially liable in the event of third-party
bodily injury on site, even if access to the premises was unauthorized
or unknown to the owner. Our Vacant Building and Vacant Land insurance
products address these exposures.”
Online Underwriting Platform: Five-Minute Quoting
and Binding Now Available
Beyond the valuable coverage options for vacant buildings and land, ACE
Commercial Risk Services gives insurance brokers access to an intuitive
and easy-to-use online underwriting platform to quickly quote, bind, and
issue specific coverages in as little as five minutes, a feature unique
in the industry. ACE’s new Vacant Building and Vacant Land products
advance the division’s commitment to small commercial accounts with
specialized insurance needs, while helping brokers maximize their
success and create a better experience for the small businesses that
they insure.
Key features and limits available in the ACE Commercial Risk Services
Vacant Building and Vacant Land products include:
-
Vacant Building:
-
Up to $5,000,000 in total Property values, and General Liability
limits of up to $1,000,000 per occurrence, and up to $3,000,000 in
the aggregate
-
Ability to consider Special Form Cause of Loss and Replacement
Cost coverage
-
No length of vacancy restrictions
-
Ability to consider locations undergoing renovation
-
Shorter policy terms of three, six or nine months also available
-
Vacant Land:
-
General Liability limits of up to $1,000,000 per occurrence, and
up to $3,000,000 in the aggregate
-
No length of vacancy restrictions
-
Shorter policy terms of three, six or nine months also available
-
Ability to consider an exposure of two lakes or ponds on premises
The product information above is a summary only and is only intended for
general marketing purposes and information. The insurance policy
actually issued contains the terms and conditions of the contract. ACE
Commercial Risk Services is dedicated to providing insurance products
that offer solutions for small business insurance needs in North
America. ACE Commercial Risk Services offers its products through retail
agents and brokers, wholesale brokers and wholesale producers, program
agents and other alternative distribution models. All products may not
be available in all states. Surplus lines insurance is sold only through
surplus lines producers. For more information, please visit www.acecrs.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 and
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,
or follow ACE on Twitter, https://twitter.com/ACEGroupNA.
Source: ACE Group