ACE Private Risk Services Recognized by Best’s Review 2013 Innovators Showcase for Industry’s First Home Contents Valuation

  ACE Private Risk Services Recognized by Best’s Review 2013 Innovators
  Showcase for Industry’s First Home Contents Valuation Service

Groundbreaking service for owners of high value homes improves guidance on the
     value of personal property; found 55 percent of inspected homes with
 insufficient contents coverage, average estimated level of underinsurance of

Business Wire

PHILADELPHIA -- January 15, 2013

ACE Private Risk Services, the high-net-worth personal lines business of the
ACE Group, has been recognized by Best’s Review Magazine’s 2013 Innovators
Showcase for its Home Contents Valuation Service. By introducing this new
service in August 2011, ACE became the first and remains the only
high-net-worth insurance carrier to offer a select group of its clients
systematic, tailored estimates for determining their personal property
coverage at policy inception.

ACE Private Risk Services developed the Home Contents Valuation Service after
a pilot study of 400 high value homes found that standard industry methods for
determining the level of contents coverage left many significantly
underinsured. If unaddressed, this underinsurance problem could cause
dissatisfaction and delay at the time of a claim, diminished
insurance-to-value, and ultimately rate instability.

As a better solution, ACE armed its risk consultants, who were already
visiting high value homes to estimate structural replacement value, with a
proprietary tablet computer application to capture information about the
contents of the home. ACE developed this application in collaboration with
Asset Archives, Inc., recently acquired by Trov, Inc., leaders in the field of
tangible wealth management. The risk consultants compare this data with Trov’s
database of more than 200,000 items often found in high value homes to
generate an estimate of contents value.

Since deploying the service, ACE Private Risk Services has found that more
than half of homes valued between $2 million and $7.5 million have
insufficient coverage for contents, and the coverage deficiency averaged
$548,000 per home.

“We’re honored to be recognized by Best’s Review for our innovation, and we’re
especially pleased to help our clients and agents make better, more informed
decisions about the amount of coverage they need,” said Gary Raphael, Senior
Vice President, Risk Consulting, ACE Private Risk Services. “The response from
agents and clients has been very positive. One client with a $2 million
condominium wound up increasing his personal property coverage by $1.3
million, showing how extreme the problem of underinsurance for contents can be
relative to home value. Our closer review of their personal property also
encourages many clients to ultimately schedule their most prized possessions
on a valuables policy.”

Best’s Review Innovators Showcase profiles novel business concepts among
insurance and reinsurance companies, insurance agencies and brokerages,
wholesalers, claims managers, third-party administrators and alternative
market facilities. A panel of insurance industry experts selected the most
innovative programs to showcase. To read about the ACE Private Risk Services
innovation, please click here.

About ACE Private Risk Services

ACE Private Risk Services is the ACE Group’s high-net-worth personal insurance
business, which provides specialty coverage for homeowners, automobile,
recreational marine, umbrella liability and valuables collections insurance
for individuals and families with emerging and established wealth. Policies
are issued by Bankers Standard Insurance Co. and ACE Insurance Co. of the
Midwest. Additional information can be found at: 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:


ACE North America Communications
Carla Ferrara, 215-640-4744
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