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New A/B Umbrella PlusSM Form Includes Higher Limits,
Built-in Catastrophe Management and Optional Key Executive Personal
Liability Coverages, and Cyber Liability Endorsement
PHILADELPHIA--(BUSINESS WIRE)--
ACE Group today announced a strategic initiative to expand its range of
excess casualty corporate risk coverages, specifically designed to
provide more extensive protection to middle market clients as a result
of this segment’s growth and need to manage emerging risks. The U.S.
middle market segment, which makes up one-third of all U.S. jobs, is a
driving force that continues to outpace the national economy in both
revenue and employment growth.i The enhanced offerings,
available for businesses with revenues up to $1 billion, include ACE’s
comprehensive, new AB Umbrella Form, a coverage combination that blends
both an excess and umbrella liability policy, and is designed to close
coverage gaps, now contains built-in catastrophe management coverage and
higher capacity limits. Optional key executive personal liability
coverage and a cyber-risk endorsement are also available as part of the
offerings.
“We are pleased to be able to offer new excess coverage options that
respond to the growing needs of middle market businesses,” said Joseph
Fobert, Senior Vice President, ACE Excess Casualty. “As that market
segment expands, so does the need for greater insurance coverage, to
help protect against a broad range of potential risk exposures, such as
catastrophic events, cyber liability, and provide catastrophe management
services, to name a few. The expansion of ACE’s Excess Casualty products
further demonstrates how we continuously strive to build and expand our
offerings, as part of our overall commitment to supplement our already
robust insurance programs.”
Specific ACE Excess Casualty corporate risk coverage expansion for the
middle market segment includes:
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ACE AB Umbrella PlusSM Form - including Catastrophe
Management and optional Key Executive Personal Liability
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Increased capacity limits, up to $50 million
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Coverage for approximately 700 industry classes
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Cyber Event Coverage Endorsement - $25,000 annual limits for “cyber
event costs” includes reimbursement for obligated expenses incurred by
insured for retained services, such as a public relations firm, law
firm, computer forensics firm, and notification service for
notifications as required by statute
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ACE ExpressSM Umbrella – Our proprietary web-based platform
for appointed brokers to directly quote, bind, and issue policies, 24
hours a day, 7 days a week, for more than 400 classes of business
ACE Excess Casualty provides worldwide lead umbrella and excess
liability insurance for U.S.-based multinational companies. To obtain
more detail about ACE Excess Casualty corporate risk product expansion,
including important conditions, click
here. Insurance is provided by ACE Property and Casualty Insurance
Company, Philadelphia, PA, or, in some jurisdictions, other insurance
companies within ACE Group. All products may not be available in all
jurisdictions. The product information above is a summary only. The
insurance policy actually issued contains the terms and limits of the
contract.
About 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 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.
i http://www.middlemarketcenter.org/Media/Documents/MiddleMarketIndicators/ncmm-infosheet-final-10-21.pdf
Source: ACE Group