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
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
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 firstname.lastname@example.org.
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.