Philadelphia-based ACE USA has introduced a new specialty insurance product that provides additional coverage for expenses and losses that stem from an insured’s property loss.
Called ACE Supplemental Property, the coverage supplements conventional property insurance programs by providing payment for expenses not fully paid by an original property insurance program. Payment under the supplemental coverage policy is linked, as a percentage of loss, to the amount paid by the original property insurance policy.
The coverage can be issued on a stand-alone basis or through endorsement to a customer’s existing property program. All businesses types are eligible, subject to a maximum capacity of 10 percent of loss and $25 million on a per-occurrence and annual-aggregate basis.
The coverage is available and underwritten through ACE USA’s global property unit, part of ACE’s global underwriting group. ACE USA is the U.S.-based retail operating division of the ACE Group of Cos.
Source: ACE USA
Topics New Markets Property Chubb
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