PHILADELPHIA - September 2, 2004 - ACE USA, the U.S.-based retail operations of the ACE Group of Companies (NYSE: ACE) today announced a major enhancement to its Disaster Mortgage Protection
SM program by adding coverage for condominiums and multi-family dwellings through its ACE Select Markets division. ACE Select Markets provides specialty personal lines products which are distributed through large specialty agents, alliances and affinity groups, utilizing internet technology.
"The typical homeowners policy pays for the repairs to your home but it does not make your mortgage payment if your home becomes uninhabitable," stated Kim Kennedy, Vice President, ACE Select Markets. "Disaster Mortgage Protection pays your mortgage payment while you are unable to live in your home, for up to two years. Expanding Disaster Mortgage Protection coverage to owners of condominiums and multi-family dwellings now allows this class of homeowner to avail themselves of the benefits of this coverage."
Disaster Mortgage Protection is insurance that pays your monthly mortgage payment (including taxes and escrow) should your home become uninhabitable for 48 hours or more due to a covered disaster causing damage to your home. If a disaster makes your residence uninhabitable your Disaster Mortgage Protection coverage will begin to pay your mortgage payments. Payments may be payable for up to two full years while your home is repaired or rebuilt. Additionally, Disaster Mortgage Protection provides added coverage by reimbursing an insured their deductible amount under their primary homeowner policy when there is a reported and covered loss to their property.
ACE Select Markets, a division of ACE USA, focuses on the underwriting and marketing of specialty insurance products targeted towards specific insurance buyers, affinity groups, small businesses and niche industries. Products and services are offered through a network of specialty agents as well as unique distribution channels and partners. Products and services include coverage for recreational vehicles, collector automobiles, motorcycles, recreational boats and yachts, the ACE Disaster Mortgage Protection
SM Policy, and credit card enhancement programs. In addition, ACE Select Markets distributes commercial products through NewMarkets Insurance Agency, a wholly-owned agency. Products and programs include professional liability coverage, environmental, workers compensation, specialized weather products and captive management for affinity groups.
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ACE USA is the U.S.-based retail operating division of The ACE Group of Companies, headed by ACE Limited (NYSE: ACE), and is rated A (Excellent) by A.M. Best Company and A+ (Strong) by Standard & Poor's. ACE USA, through its underwriting companies, provides insurance products and services throughout the U.S. Additional information on ACE USA and its products and services can be found at www.ace-ina.com. The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients around the world. This information is a general description of the insurance product and is subject to the actual policy terms and conditions.