ACE Group has launched its new offering ACE Catastrophe Liability Plus 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 endorsements."
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 PlusSM 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 Transfer
Environmental, including Contractors Pollution Liability & Contractors Professional Liability
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