ACE Launches New Catastrophe Liability Coverage for the Construction
PHILADELPHIA -- February 3, 2014
ACE Group today announced the introduction of the ACE Catastrophe Liability
Plus^SM Policy (Construction) for the construction industry through its Excess
Casualty Division. The new policy, which is designed for construction
wrap-ups, consolidates multiple catastrophe liability specific endorsements
into one single policy. The new policy is available for construction wrap-ups
including Owner Controlled Insurance Programs (OCIPs), Contractor Controlled
Insurance Programs (CCIPs), and rolling and joint venture programs.
“The release of this new coverage demonstrates ACE’s ongoing commitment to
meet the unique and evolving needs of the construction industry,” said Carol
Laufer, Executive Vice President, ACE Excess Casualty. “With the current
increase in construction-related projects, expanded coverage is necessary to
protect contractors from potential excess exposures. Our new policy is
designed to create a seamless tower of insurance over the primary general
liability program, eliminating the need for added, commonly used
According to William P. Hazelton, Executive Vice President, ACE Construction
Industry Practice Leader, “ACE’s Construction Industry Practice continues to
address and help manage the wide range of complex risks faced by the industry.
The addition of this new excess policy further exemplifies our commitment to
our clients by supplementing our already comprehensive insurance programs with
an additional streamlined and diversified product offering.”
Key features of Catastrophe Liability Plus^SM Policy (Construction) include:
*Underlying Designated Premises Endorsement
*Underlying Product/Completed Operations Extension Endorsement
*Cancellation provisions and premium adjustment promulgation as the
underlying primary General Liability carrier
*Knowledge of Occurrence amended (Knowledge not constituted unless notice
received by; Executive Officers or anyone responsible for administering
the insured’s insurance program).
*Other Insurance Clause amended to follow form primary non-contributory
wording, if provided by scheduled underlying policy.
*Failure to Disclose included in coverage form
*Limits available up to $25M
ACE’s Construction Industry Practice consists of business units that offer a
broad suite of products and services including:
*Workers Compensation, General Liability & Automobile Liability Risk
*Environmental, including Contractors Pollution Liability & Contractors
*Inland Marine, including Builders Risk & Contractors Equipment
*International Casualty Enterprise & Package Solutions, including Defense
Base Act Workers Compensation
*Wrap Ups & other project-specific programs
*Specialty Construction Claims
*Construction Risk Management Services
*Professional Liability for architects and engineers, construction managers
and trade contractors
*Public and Private company D&O, EPLI, Fidelity and Fiduciary Liability
ACE Excess Casualty, part of ACE USA, provides worldwide lead umbrella and
excess liability insurance for U.S.-based multinational companies. ACE
products are backed by substantial, financially secure capacity, and are
designed to address global catastrophe exposures. For more information, please
visit our website. Insurance is provided by insurance companies within 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. For more information about
ACE’s Construction Industry Practice and its range of products and services,
please visit our website.
ACE Group is one of the world’s largest multiline property and casualty
insurers. With operations in 54 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.
Carla L. Ferrara, (215) 640-4744
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