ACE USA, the retail operations of the ACE Group, is offering ACE Construction Risk Coverage Form, designed to address the evolving risks and costs related to various types of construction projects.
According to the insurer, the new products will offer financial coverage to general contractors, developers and owners, popping potential financial losses from four-wall building projects as well as engineering-related civil construction, such as bridges, tunnels, pipelines, water treatment facilities and dams.
ACE Construction Risk Coverage Form helps the clients to reimburse additional costs associated with recovering from a covered physical damage loss to a project as quickly as possible.
ACE USA Inland Marine executive vice president Bruce Jervis said 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," Jervis added.
"The coverage form we have developed for contractors, real estate owners and developers is designed to mitigate the risks associated with ongoing construction activity."
ACE USA’s Inland Marine Unit is part of the ACE Group, which offers insurance solutions to contractors, developers, equipment fleets, infrastructure owners, trucking, warehouse operations, communications, museums and corporate art collections.