ACE Canada® Launches New Professional Risk Product to Address Challenges Faced by Design Professionals
TORONTO, June 19, 2012 /CNW/ - ACE Canada, the Canadian-based operating division of the ACE Group, today announced the launch of ACE Advantage® Architects and EngineersSM professional liability insurance. This new product provides domestic and international coverage against the numerous perils faced by design professionals including, professional negligence, pollution incidents, and personal injury.
The challenges faced by today's design professional have proliferated -- broadening contractual requirements, increased emphasis on sustainability, new developments in design technologies and heightened client expectations are but a few difficulties faced by professionals practicing in this industry. In addition to these challenges, any ensuing litigation can threaten a design professional's financial stability and carefully cultivated reputation.
"Canadian design professionals are increasingly called to conduct business in emerging economies," said Michael Trendler, Vice President, ACE Professional Risk. "ACE Advantage Architects and Engineers professional liability policy provides global coverage supported by ACE's worldwide network of offices located in all principal markets."
ACE Advantage Architects and Engineers Professional Liability Coverage Highlights:*
- Complimentary pre-claims assistance
- Broad professional services definition
- Blanket additional insured status for all clients of named insured under contractor's pollution liability
- Innocent insured's coverage
- Joint venture coverage
- Predecessor firm coverage
- Automatic subsidiary coverage up to 90 days
- Punitive damages with most favorable venue
- Claims mediation credit up to $25,000
- Supplemental coverage for insured expense reimbursement $300 per/day
- Specific project excess limits
- Worldwide territory
*Product highlights are summaries only; please see actual policy for terms, conditions and exclusions. Product remains subject to ACE Professional Risk's underwriting criteria.
ACE Canada® refers to ACE INA Insurance and ACE INA Life Insurance, subsidiaries of the ACE Group, and is rated AA- (Very Strong) by Standard & Poor's and A+ (Stable) by A.M. Best Company. ACE Canada, through its underwriting companies, provides insurance products and services throughout Canada. Additional information on ACE Canada and its products and services can be found at www.ace-ina-canada.com. The ACE Group is one of the world's largest multiline property and casualty insurers. With operations in 53 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 the 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.
SOURCE ACE INA Insurance