Designed to meet the needs of high net worth customers
ACE Private Risk Services, part of the US-based ACE Group of Companies, has announced the availability of its Umbrella policy designed to meet the needs of high net worth customers.
ACE Private Risk Services has begun the national rollout of this product which is currently available in New Jersey, Pennsylvania, Maryland, the District of Columbia, Virginia, Georgia, Tennessee, Kentucky, Texas, and Minnesota.
ACE said that the new policy features liability limits up to $100 million as well as new benefits that provide coverage to address the unique needs of high net worth customers.
Umbrella insurance, also known as excess liability insurance, provides coverage above and beyond the liability limits in home and auto policies which often stop at $300,000 or $500,000. Umbrella coverage also includes the coordination of legal defense against liability lawsuits. The ACE policy pays for legal costs in addition to rather than as part of the policy limit, a key benefit since legal costs are often significant, the company said.
Optional endorsements can be added to the policy for employment practices liability for domestic staff, directors and officers coverage for volunteer board members of non-profit organisations and uninsured/underinsured coverage up to $10m, added ACE.
Bob Courtemanche, CEO of ACE Private Risk Services, said: In these difficult economic times, high net worth customers present especially attractive targets for liability lawsuits which can result in jury awards and settlements in the tens of millions of dollars. Our new Umbrella policy helps high net worth individuals and families protect their hard-earned success in these cases.