ACE Advantage Contrators Solutions
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1 ACE Advantage Contrators Solutions
2 ACE ADVANTAGE CONTRACTORS SOLUTIONS Table of Contents Introduction 3 Builders Risk 4 Casualty Coverage 6 Umbrella s / Excess Liability 8 Contractors Pollution Liability 9 Professional Liability 10
3 ACE IS A PROVEN LEADER IN COMPREHENSIVE SOLUTIONS FOR THE BREADTH OF CONSTRUCTION INDUSTRY RISKS. Our experienced underwriting, technical knowledge, strong balance sheet and global capability has established ACE as a market leader in insuring construction risks and liabilities. ACE s construction specialists deliver integrated global property and casualty insurance solutions with sophisticated claims management, loss control, risk and safety engineering. Our comprehensive offer is tailored to construction risks from large loss-sensitive primary wrap-ups, to contractor practices, mid-sized contractors, owners/developers and professional service firms. Wrap-up Capabilities Also known as controlled insurance programs, or CIP s, wrap-up insurance programs replace a major portion of the traditional insurance collectively maintained by contractors within a large construction project. Wrap-up insurance programs are purchased by the owner, general contractor or construction manager to consolidate and standardize project insurance coverages for all the contractractors performing work. Actually, wrap-ups have become popular with private entities, government agencies, developers, construction companies and construction managers. Our construction practice includes: Builders Risk Primary Casualty for Contractors Practice Programs Primary Casualty for Wrap Ups & Other Project Specific Risks Contractors Equipment Environmental Umbrella/Excess Liability Insurance for Construction Industry Professional Liability 3
4 Builder s Risk Builder s risk offers no-fault coverage in the event of loss for all parties at a construction site. Considering the financial interests of everyone involved, compensation through Builder s risk is not driven by legal liability. Instead, this first party cover ensures that all stakeholder s interests are addressed appropriately compensating all parties in the event of loss. Builder s risk covers any unforeseen and sudden physical loss or damage from any cause, other than those specifically excluded PARTIES INSURED: General contractors Subcontractors Lenders Owners and Developers COVERAGES Individual Project Builders Risk and Master Programs DIC for construction projects on a selected basis Coverage form offers both physical damage and delay in opening Various optional coverages based on the client s needs Coverage to meet specific needs of the project and/or account International Builders Risk Loss control services Engineering services 4
5 Builder s Risk ADDITIONAL COVERAGE (subject to additional premium) Debris Removal Flood Property in off-site storage Loss or damage due to strike, riot and civil Commotion (SRCC) Extra charges for overtime, night work, work on public holidays, express freight Extra charges for airfreight Inland transit Testing of machinery Extended Maintenance Advance loss of profits Contractors Equipment LIMITS Automatic capacity of 50 million Minimum Premium- Typically $10,000 minimum applies Minimum Deductible- varies based on type and size of risk Generally $5,000 is the lowest for noncatastrophe perils. Catastrophe perils require higher deductibles. EXCLUSIONS: a) Consequential loss of any kind or description including penalties, losses due to delay, lack of performance, loss of contract. b) Loss or damage due to faulty design c) The cost of replacement, repair or rectification of defective material and/or workmanship, but this exclusion shall be limited to the items immediately affected and shall not be deemed to exclude loss or damage to correctly executed items resulting from an accident due to such defective material and/or workmanship. d) Wear and tear, corrosion, oxidations, deterioration, lack of use and normal atmospheric conditions e) Loss or damage to vehicles licensed for general road use or waterborne vessels or aircraft. f) Loss or damage to files, drawings, accounts Bills, currency, stamps, deeds, debt, notes, securities, checks. g) Loss or damage discovered only at a time of taking an inventory 5
6 Casualty Coverages Currently, ACE PR underwrites a solid core of today s wrap-ups, ranking from one to six years in duration. Type of construction includes: Stadiums, arenas & sport venues Retail centers Office buildings Hotel & resorts Educational Institutions Healthcare facilities BENEFITS Experienced Underwriting team and risk control expertise Flexible program designs and Customized programs capabilities Established market leader willing to write complex exposures Strong financials to protect your clients liability exposures Coverage can be extended to the following jurisdictions: USVI BVI Jamaica Dominican Republic Aruba, Curacao & Bonaire Trinidad & Tobago Among others 6
7 Casualty Coverages CLIENT PROFILE o o o o o Owners Developers General contractors Construction managers Government agencies COVERAGE Primary General Liability Customized Programs: OCIP s (Owner-Controlled Insurance Programs) CCIP s (Contractor-Controlled Insurance Programs) LIMITS Up to $75,000,000 Occurrence / Aggregate Term of project policies and extended completed operations coverage (up to five years) Workers Compensations programs Statutory limits 7
8 Umbrella s / Excess Liability Lead umbrella or standard excess basis Term of project policies and extended completed operations coverage (up to five years) Customized Programs: OCIP s (Owner-Controlled Insurance Programs) CCIP s (Contractor-Controlled Insurance Programs LIMITS Up to $75 million per occurrence/ aggregate - additional limits may be available Minimum underlying requirements: $1 million per occurrence/aggregate for general liability, employers liability and auto liability 8
9 Contractors Pollution Liability BENEFITS Coverage on a practice or projectspecific basis Pollution wrap-up solutions available for remediation or construction projects Automatic coverage for biodiversity (natural resource) damage Damage to third party property including diminishment in value Property Damage definition includes Natural Resource Damages COVERAGE Liability for third-party bodily injury, property damage Indemnity for clean-up costs incurred by the insured in relation to such third-party claims Sudden and accidental pollution events Claims Made or Occurrence Triggers available MINIMUMS & LIMITS Minimum self-insured retention: $10,000 Minimum premium: $7,000 Capacity available up to $30 million per/ aggregate limit, inclusive of legal defense costs 9
10 Professional Liability With the ever-increasing complexity of projects, the liabilities faced by architects and engineers have never been greater. Architects and Engineers diligently work to create and design facilities, and structures we all use each and every day. These professionals take abstract ideas and apply science and mathematics to build projects to meet the needs of the communities in which they live. While it sounds fun and exciting, with one slight mistake, they know that the liability is on their shoulders if a project goes wrong. Obtaining quality Errors & Omissions Insurance at affordable rates is one of the most important decisions you will make as a design professional. You work hard running your business and having the best liability insurance for your needs is essential to your financial and professional success. Architects and Engineers Professional Liability Insurance protects you or your firm against the financial devastation that comes from being charged with one of the followings: Damage to property of others, Bodily injuries to others Inappropiate choice of materials; etc. Faulty designs Inaccurate Studies Incorrect advice Errors involving site surveys, soil testing, subsurface conditions, elevations Failure to design consistent with building codes Among others 10
11 Professional Liability COVERAGE Defense costs and indemnity reimbursement expenses up to $7,500. Damages that the insured is legally obligated to pay because of a professional error or omission Defense costs and indemnity for spouses and heirs. Optional protection for claims made after the termination of the insurance contract. (Extending Reporting Period) Optional Protection for events that occurred before the effective date of the insurance contract. (Retroactive date) Coverage for independent professionals, join venture, companies and independent contractors. Coverage for companies, insuring all its past, present and future professionals. Claims for bodily injury and property damage to third parties caused by a professional error or omission. Coverage for specific projects. ADVANTAGES Underwriting and Claims Professionals specializing in financial and professional liabilities exposures. Worldwide experience Specials Coverage available Extensive coverage capacity: up to USD $10M 11
12 About ACE Insurance Company At ACE Insurance Company, we re more than an insurer; we re a global network of professionals in insurance, underwriting, risk management and claims. Together we combine to make ACE Insurance Company a great underwriting company. As a market leader, we focus on you, our client building a strong relationship by offering services and developing innovative products backed by a superior financial strength. Today, many of the Fortune 1000 companies put their trust in ACE Group for their insurance needs. The ACE Group of Companies are rated A+ (Superior) by A.M. Best and a AA (Very Strong) by Standard & Poor s. For more information about our ratings, please visit us at ACE Insurance Company is a leading provider of property, accident and health and casualty insurance as well as financial products and risk management services. It is part of Ace Group of Companies, headed by ACE Limited (NYSE:ACE). Additional information can be found at ACE Insurance Company PO Box San Juan PR Specified herein is a summary of the product. Some limitations, exclusions and conditions apply; to see the full terms and conditions please refer to the policy of ACE Advantage Contractors Solutions. For more information, please contact your insurer agent. These insurance products are offered by ACE Insurance Company and are subject to change or may have other requirements. Doral Bank Center FD Roosevelt Ave. 33 Resolución Street 5th floor San Juan PR Tel Fax
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