InFocus: Small Business

Running the gamut: CRS and niche markets

Running the gamut: CRS and niche markets

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Landlords, contractors, bar owners and city developers may not seem to have much in common on the surface, but what they do have in common is that they can all turn to the same source for an all-inclusive insurance coverage: CRS.
 
“The 1-4 family dwelling is geared toward residential real estate property investors or owners who continue to be a growing segment of the market. This was made evident by the spike in applicants in the insurance industry,” said David Charlton, division president, ACE Commercial Risk Services.
 
What differentiates ACE coverage is that it addresses the unique challenges facing these investors and owners, covering liability exposures as well as property-driven coverages.
 
“A perfect example would be: we offer special form and replacement costs on a wide variety of properties.  We can give the business income on an actual loss sustained basis, so in terms of real estate, this ends up becoming loss of rents in insurance,” Charlton said. “That is a great coverage grant that is not typically found in the traditional marketplace.”
 
Similarly, artisan contractors can also enjoy the multifaceted coverage options.
 
“So again, it is a broader offering, it’s more comprehensive,” said David Roberts, assistant vice president of underwriting. “If they have an office or shop, we can offer property coverage for them in addition to general liability. We’ve also built-in specific coverage grants for a contractor, such as the ACE premiere craftsmen endorsement that gives them specific coverage that is unique to small contractors like miscellaneous tools, an installation floater, and property in their care custody control.”
 
Bar owners, restaurants, and retail stores are also drawn to CRS offerings.
 
“We bring a risk specific underwriting approach to our Liquor Liability product, with the ability to consider a variety of operations from a retail liquor store to a corner bar.  We have significant expertise in liquor and we’ve designed the product so that we’re providing our policyholders with the coverage they need,” Roberts said.
 
He notes coverage for assault and battery, frequently overlooked by insurers, which is not only readily available, but very often automatically included, without the need to be added, as a supplementary coverage.
 
Finally, vacant property owners have a viable solution to turn to as well.
 
“We have specifically designed a product that carves out that vacancy exclusion and provides a package coverage offering for vacant property, whether residential or commercial,” stated Roberts.
 
CRS has the ability to offer replacement cost and special cause of loss on vacant property, which outrivals the barebones actual cash value and basic form of competitors.
 
Finally, Roberts notes that ACE’s vacant property coverage is ideal for businesses that are undergoing cosmetic renovations, particularly those needing extended time to prepare buildings for sale or occupancy.
 
“We can provide property and general liability coverage to business owners during a period of vacancy, and once they open the business we can typically write the occupied exposures as well,” stated Roberts.

To learn more about ACE Commercial Risk Services, please view an informational video here
 

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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.”
 
“The insurance companies of ACE Group serve multinational corporations and local businesses with property and casualty insurance and services; companies and affinity groups providing or offering accident and health insurance programs and life insurance to their employees or members; insurers managing exposures with reinsurance coverage; and individuals purchasing life, personal accident, supplemental health, homeowners, automobile and other specialty insurance coverage. - See more at: http://www.acegroup.com