ACE USA has introduced ACE Supplemental Property, a specialty product developed for property insurance customers to provide additional coverage for expenses and losses that occur due to an insured property loss.
ACE said that this coverage supplements the conventional property insurance program by providing payment for expenses incurred, although not fully paid, under the original property insurance program. Payment under the supplemental coverage policy is linked, as a percentage of loss, to the amount paid by the original property insurance policy.
The ACE Supplemental Property policy endorsement can be added to a customer’s existing traditional property program and applied to businesses of all types, subject to a maximum capacity of 10% of loss and $25 million on a per occurrence and annual aggregate basis.
Issued as a stand-alone policy or by endorsement, this coverage is available and underwritten through ACE USA’s global property unit, part of ACE’s global underwriting group.
Joe Sherry, senior vice president of global property at ACE USA, said: ACE’s Supplemental Property products extend beyond traditional property coverage to provide a rapid claim turnaround process for commercial property customers seeking to minimize their exposure to ancillary losses.