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Small business directors and officers often unaware – their personal
assets may be vulnerable to lawsuits
PHILADELPHIA--(BUSINESS WIRE)--
ACE
Commercial Risk Services, which is dedicated to providing insurance
products that offer solutions for small business insurance needs in
North America, today launched its Community Associations Directors &
Officers and Employment Practices Liability insurance products. This
coverage provides broad liability protections for homeowner, condominium
and retail community associations, and deepens ACE’s growing product
portfolio for the small commercial market.
“In today’s increasingly litigious environment, community associations
and their board members face increasing claims and a growing array of
legal and financial liability exposures. Yet, many of these small
business members are unaware that their personal assets may be at risk
for decisions they made while administering association bylaws. Often,
the specialized insurance coverage currently available in the market is
cost prohibitive,” said David Charlton, Division President, Property &
Casualty and Micro-business Division, ACE Commercial Risk Services. “We
responded to this need by combining a Business Owners Package option*
with directors and officers and employment practices liability coverages
in one comprehensive policy offering. As a result, our Community
Associations product enables us to meet the specialized insurance needs
of community associations and their board members.”
The new product is competitively priced and designed to cover the
specific specialty risks of associations with fewer than 500 units,
which include defending non-monetary claims, breach of contract
violations, and enforcing bylaws.
Defense Outside the Limit and Defense Costs
Coverage for Breach of Contract Claims:
ACE Commercial Risk Services’ clients can now access broad defense
outside their limit coverages and defense costs coverage for breach of
contract claims. These coverage features represent a responsibility to
provide greater certainty, with regard to the legal costs associated
with defending the targeted organization, its board, and its individual
members.
Key features and available limits in the ACE
Commercial Risk Services Community Associations Directors & Officers and
Employment Practices Liability product include:
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Up to $5,000,000 aggregate limit available for directors and officers
and employment practices coverage
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Defense outside the limit
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Defense costs coverage for breach of contract claims capabilities
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Coverage for non-monetary claims
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Unlimited extension endorsement
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Automatic coverage for the property management company
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Business Owners Package for homeowners associations with fewer than
100 units with General Liability limits of up to $2,000,000 per
occurrence, and up to $4,000,000 in the aggregate, and blanket
property coverage up to $300,000, excluding buildings*
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 is part of ACE Group and 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.
Note: Community Associations Institute: National and State
Statistical Review, 2013. www.caionline.org/info/research/Pages/default.aspx
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.
Source: ACE Group