News Details

• New standalone Liquor, Umbrella and Lessor’s Risk Products and Business Owners Policy (BOP) Specialty coverages specifically designed for the small business marketplace

PHILADELPHIA--(BUSINESS WIRE)-- ACE Commercial Risk Services (ACE CRS), the small commercial specialty lines business of ACE Group that serves small businesses with diverse and accessible insurance options, today announced several new products that expand its suite of Specialty Commercial Products.

These expanded products are available through ACE Solutions Fast Track^SM, the online small business underwriting solution from ACE Commercial Risk Services that rapidly quotes and issues a policy in an insurance broker’s office in 5 minutes or less. The new products and coverages include:

• Lessor’s Risk BOP: Business Owners Policy (BOP) to protect owners of real estate investment property rented to others
• Liquor Liability: Covering hospitality risks including bars, restaurants, retail stores, and nightclubs
• Commercial Umbrella: Umbrella coverage over the ACE BOP or other approved package, auto, and employer liability carriers
• Employment Practices Liability Insurance BOP Enhancement (EPLI): Provides coverage for defense costs and damages stemming from various employment-related claims
• Privacy Liability & Data Breach Insurance BOP Enhancement (Cyber): Provides coverage for attorney’s fees and damages for not properly handling, managing, storing, destroying or otherwise controlling personal information
• Professional Liability BOP Enhancement: provides ACE Errors & Omissions coverage on a BOP endorsement to a wide range of professional classes

“Our goal at Commercial Risk Services is to continue to expand our product offerings for small businesses in North America so that our brokers can provide a complete insurance solution,” said David Charlton, President, Specialty & Micro Lines, ACE Commercial Risk Services. “With these new products and services enabled on our ACE Solutions Fast Track system, we are delivering customizable coverage for twice the number of business class codes we have offered in the past. This further enhances our commitment and superior service to insurance brokers serving small businesses across a wide range of industries throughout the United States.”

The ACE Solutions Fast Track system has also added the following new features:

• Pre-fill building data such as year built, construction, occupancy, number of stories, and square footage
• Building valuation estimator
• Business Personal Property estimator

These products for small businesses are the latest generation of new and enhanced ACE CRS products servicing small business. Recently launched ACE CRS products and enhancements include Professional Offices, Retail Stores, Service Businesses, 1–4 Family Rental Dwellings, Artisan Contractors, and Non Profit Directors & Officers liability with a BOP endorsement.

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.

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Source: ACE Group