PHILADELPHIA--(BUSINESS WIRE)--ACE Commercial Risk Services, which is dedicated to providing insurance products that offer solutions for small business insurance needs in North America, today launched its Community Associations Directors & Officers and Employment Practices Liability insurance products. This coverage provides broad liability protections for homeowner, condominium and retail community associations, and deepens ACE’s growing product portfolio for the small commercial market.
“In today’s increasingly litigious environment, community associations and their board members face increasing claims and a growing array of legal and financial liability exposures. Yet, many of these small business members are unaware that their personal assets may be at risk for decisions they made while administering association bylaws. Often, the specialized insurance coverage currently available in the market is cost prohibitive,” said David Charlton, Division President, Property & Casualty and Micro-business Division, ACE Commercial Risk Services. “We responded to this need by combining a Business Owners Package option* with directors and officers and employment practices liability coverages in one comprehensive policy offering. As a result, our Community Associations product enables us to meet the specialized insurance needs of community associations and their board members.”
The new product is competitively priced and designed to cover the specific specialty risks of associations with fewer than 500 units, which include defending non-monetary claims, breach of contract violations, and enforcing bylaws.
Defense Outside the Limit and Defense Costs Coverage for Breach of Contract Claims:
ACE Commercial Risk Services’ clients can now access broad defense outside their limit coverages and defense costs coverage for breach of contract claims. These coverage features represent a responsibility to provide greater certainty, with regard to the legal costs associated with defending the targeted organization, its board, and its individual members.
Key features and available limits in the ACE Commercial Risk Services Community Associations Directors & Officers and Employment Practices Liability product include:
The product information above is a summary only and is only intended for general marketing purposes and information. The insurance policy actually issued contains the terms and conditions of the contract. ACE Commercial Risk Services is dedicated to providing insurance products that offer solutions for small business insurance needs in North America. ACE Commercial Risk Services is part of ACE Group and offers its products through retail agents and brokers, wholesale brokers and wholesale producers, program agents and other alternative distribution models. All products may not be available in all states. Surplus lines insurance is sold only through surplus lines producers. For more information, please visit www.acecrs.com.
Note: Community Associations Institute: National and State Statistical Review, 2013.www.caionline.org/info/research/Pages/default.aspx
About ACE Group
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 and supplemental health insurance, reinsurance, and life insurance to a diverse group of clients. ACE Limited, the parent company of 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, or follow ACE on Twitter,https://twitter.com/ACEGroupNA.