ACE USA has developed the ACE Construction Risk coverage form for general contractors, developers and owners with ongoing construction needs. It can also be tailored to meet project specific requirements, addressing customers’ potential financial losses stemming from four-wall building projects as well as engineering-related civil construction, such as bridges, tunnels, pipelines, water treatment facilities and dams.
The coverage form features a combined extra and expediting expense option, which reimburses additional costs associated with recovering from a covered physical damage loss to a project.
The ACE Construction Risk coverage form also features an earth movement definition tailored for civil construction projects. This definition expands coverage for non-seismic earth movement that may impact these projects. In addition, green building endorsements are available to address customers’ potential financial losses stemming from changes in environmental standards or other risks associated with green construction methods.
ACE has also developed a phased structure endorsement for projects which contain multiple buildings with varying start and completion dates, allowing premium to be charged based on the construction duration of each structure rather than the overall project term.
In addition, ACE offers the following with this new product:
- Account coordination and handling by construction-specialist inland marine underwriters throughout the ACE USA regional network.
- Ability to provide capacity in an excess or quota-share position
- Option to include coverage for natural catastrophe perils such as earthquake, flood and named windstorm with the specific limits and deductibles varying based on the project location and details.