Press release from Business Wire
ACE Launches New Catastrophe Liability Coverage for the Construction Industry
Monday, February 03, 2014
ACE Launches New Catastrophe Liability Coverage for the Construction Industry17:24 EST Monday, February 03, 2014
PHILADELPHIA (Business Wire) -- ACE Group today announced the introduction of the ACE Catastrophe Liability PlusSM Policy (Construction) for the construction industry through its Excess Casualty Division. The new policy, which is designed for construction wrap-ups, consolidates multiple catastrophe liability specific endorsements into one single policy. The new policy is available for construction wrap-ups including Owner Controlled Insurance Programs (OCIPs), Contractor Controlled Insurance Programs (CCIPs), and rolling and joint venture programs.
“The release of this new coverage demonstrates ACE's ongoing commitment to meet the unique and evolving needs of the construction industry,” said Carol Laufer, Executive Vice President, ACE Excess Casualty. “With the current increase in construction-related projects, expanded coverage is necessary to protect contractors from potential excess exposures. Our new policy is designed to create a seamless tower of insurance over the primary general liability program, eliminating the need for added, commonly used endorsements.”
According to William P. Hazelton, Executive Vice President, ACE Construction Industry Practice Leader, “ACE's Construction Industry Practice continues to address and help manage the wide range of complex risks faced by the industry. The addition of this new excess policy further exemplifies our commitment to our clients by supplementing our already comprehensive insurance programs with an additional streamlined and diversified product offering.”
Key features of Catastrophe Liability PlusSM Policy (Construction) include:
- Underlying Designated Premises Endorsement
- Underlying Product/Completed Operations Extension Endorsement
- Cancellation provisions and premium adjustment promulgation as the underlying primary General Liability carrier
- Knowledge of Occurrence amended (Knowledge not constituted unless notice received by; Executive Officers or anyone responsible for administering the insured's insurance program).
- Other Insurance Clause amended to follow form primary non-contributory wording, if provided by scheduled underlying policy.
- Failure to Disclose included in coverage form
- Limits available up to $25M
ACE's Construction Industry Practice consists of business units that offer a broad suite of products and services including:
- Workers Compensation, General Liability & Automobile Liability Risk Transfer
- Environmental, including Contractors Pollution Liability & Contractors Professional Liability
- Inland Marine, including Builders Risk & Contractors Equipment
- International Casualty Enterprise & Package Solutions, including Defense Base Act Workers Compensation
- Umbrella/ Excess
- Wrap Ups & other project-specific programs
- Specialty Construction Claims
- Construction Risk Management Services
- Professional Liability for architects and engineers, construction managers and trade contractors
- Public and Private company D&O, EPLI, Fidelity and Fiduciary Liability
ACE Excess Casualty, part of ACE USA, provides worldwide lead umbrella and excess liability insurance for U.S.-based multinational companies. ACE products are backed by substantial, financially secure capacity, and are designed to address global catastrophe exposures. For more information, please visit our website. Insurance is provided by 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. For more information about ACE's Construction Industry Practice and its range of products and services, please visit our website.
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 the 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.
Carla L. Ferrara, (215) 640-4744