ACE Private Risk Services Recognized by Best`s Review 2013 Innovators Showcase for Industry`s First Home Contents Valuation Service

Tue Jan 15, 2013 3:33pm EST

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Groundbreaking service for owners of high value homes improves guidance on the
value of personal property; found 55 percent of inspected homes with
insufficient contents coverage, average estimated level of underinsurance of
$548,000
PHILADELPHIA--(Business Wire)--
ACE Private Risk Services, the high-net-worth personal lines business of the ACE
Group, has been recognized by Best`s Review Magazine`s 2013 Innovators Showcase
for its Home Contents Valuation Service. By introducing this new service in
August 2011, ACE became the first and remains the only high-net-worth insurance
carrier to offer a select group of its clients systematic, tailored estimates
for determining their personal property coverage at policy inception. 

ACE Private Risk Services developed the Home Contents Valuation Service after a
pilot study of 400 high value homes found that standard industry methods for
determining the level of contents coverage left many significantly underinsured.
If unaddressed, this underinsurance problem could cause dissatisfaction and
delay at the time of a claim, diminished insurance-to-value, and ultimately rate
instability. 

As a better solution, ACE armed its risk consultants, who were already visiting
high value homes to estimate structural replacement value, with a proprietary
tablet computer application to capture information about the contents of the
home. ACE developed this application in collaboration with Asset Archives, Inc.,
recently acquired by Trov, Inc., leaders in the field of tangible wealth
management. The risk consultants compare this data with Trov`s database of more
than 200,000 items often found in high value homes to generate an estimate of
contents value. 

Since deploying the service, ACE Private Risk Services has found that more than
half of homes valued between $2 million and $7.5 million have insufficient
coverage for contents, and the coverage deficiency averaged $548,000 per home. 

"We`re honored to be recognized by Best`s Review for our innovation, and we`re
especially pleased to help our clients and agents make better, more informed
decisions about the amount of coverage they need," said Gary Raphael, Senior
Vice President, Risk Consulting, ACE Private Risk Services. "The response from
agents and clients has been very positive. One client with a $2 million
condominium wound up increasing his personal property coverage by $1.3 million,
showing how extreme the problem of underinsurance for contents can be relative
to home value. Our closer review of their personal property also encourages many
clients to ultimately schedule their most prized possessions on a valuables
policy." 

Best`s Review Innovators Showcase profiles novel business concepts among
insurance and reinsurance companies, insurance agencies and brokerages,
wholesalers, claims managers, third-party administrators and alternative market
facilities. A panel of insurance industry experts selected the most innovative
programs to showcase. To read about the ACE Private Risk Services innovation,
please click here. 

About ACE Private Risk Services

ACE Private Risk Services is the ACE Group`s high-net-worth personal insurance
business, which provides specialty coverage for homeowners, automobile,
recreational marine, umbrella liability and valuables collections insurance for
individuals and families with emerging and established wealth. Policies are
issued by Bankers Standard Insurance Co. and ACE Insurance Co. of the Midwest.
Additional information can be found at: www.aceprs.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 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.

ACE North America Communications
Carla Ferrara, 215-640-4744
carla.ferrara@acegroup.com



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