Posted on 19 Jul 2012 by Neilson
ACE USA, the U.S.-based retail operations of the ACE Group, today announced that it has developed a coverage form to address the evolving risks and rising costs of various types of construction projects. The ACE Construction Risk Coverage Form is designed 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.
Strictly adhering to an established budget while maintaining a tight construction timetable is a key concern for clients, and this coverage can enable their access to funds to get projects back on track on an accelerated basis. Clients can benefit from a combined extra and expediting expense option offered by the ACE Construction Risk Coverage Form, which reimburses additional costs associated with recovering from a covered physical damage loss to a project as quickly as possible, minimizing the client’s economic loss from the event.
Another key feature offered through the ACE Construction Risk Coverage Form is 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 unique 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.
“Contractors and developers face significant financial risk on every project they undertake. With construction costs continuing to rise and an increase in the complexity of operational and financial risk in the construction industry, it is more important than ever that contractors have insurance coverage that helps to protect their livelihood,” said Bruce Jervis, Executive Vice President, ACE USA Inland Marine. “ACE is committed to providing flexible, innovative risk management solutions to address the complex risks and exposures clients face in the ever-changing commercial and residential construction marketplace. The coverage form we have developed for contractors, real estate owners and developers is designed to mitigate the risks associated with ongoing construction activity.”
In addition, ACE offers the following key advantages associated with this new product:
- Service-oriented account coordination and handling by experienced and construction-specialist inland marine underwriters throughout the ACE USA regional network.
- Flexibility to provide capacity in an excess or quota-share position to meet the specific needs of clients and brokers on individual projects.
- Ability 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.
- Backed by ACE financial stability (rated AA- by Standard & Poor’s, and A+ by A.M. Best).
- Underwriting specialists across ACE USA business units that comprise the ACE USA Construction Industry Insurance Practice, including primary casualty, excess casualty, environmental, foreign casualty, and professional lines.
- Dedicated and experienced claims and risk control specialists.
ACE USA’s Inland Marine Unit is part of the ACE Group, and is a leading provider of inland marine insurance solutions, with significant capacity, underwriting and loss control expertise for the specialized needs of contractors, developers, equipment fleets, infrastructure owners, trucking, warehouse operations, communications, museums and corporate art collections. To learn more, please visit our website, or contact Bruce Jervis at email@example.com.
Risk control activities are provided on a fee-for-service basis by INAMAR, Inc., Philadelphia, PA, a service company affiliate within the ACE Group, or may be conducted on behalf of the insurer for underwriting purposes, and in such case are not intended as a direct benefit or service to ACE insureds.
Insurance is provided by insurance companies within the 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. The ACE Construction Risk coverage form is available in most U.S. jurisdictions through the Inland Marine unit of ACE USA.
The ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 53 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/us.