On December 18 ACE Private Risk Services announced that they were acquiring the personal insurance business of Fireman’s Fund from Allianz SE. While this does not rise to the notoriety of Sony and North Korea, it is of particular interest to those who are written in the so called “high-net-worth” market category. Fireman’s Fund and ACE have two (now one) of the best personal lines programs out there. Other notable carriers are AIG Private Client Group, Chubb and PURE. All are vying for a share of the $1M+ dwelling homeowners market.
Water damage losses are among the top 3 causes of loss for any homeowners’ carrier and ACE is no different. The claims department of ACE has partnered with a plumbing supply vendor to advocate the use of a Leak Defense System. I, for one, did not consider this but am looking into the device to see if that makes sense for us and thought you might like to do the same.
Not many people pay a great deal of attention to their personal lines policies (until there is a claim), but one of my suggested 2015 resolutions is to (first find) review the personal lines coverage that you have
- Homeowners & Umbrella
- Automobile
- Vacation residences
- Valuable articles – Jewelry, Art, Wine, etc…
This is a great exercise to do each year and one which, given the protection afforded, should be done well in advance of any renewals. Oh, and don’t forget about Life and Disability policy protections. If you have any questions with your “personal risk management” portfolio, I am happy to discuss.
About the Author
Albert Sica is the Managing Principal with The ALS Group. You can read more about Al or contact him here. Click here to request more information about The ALS Group or managing your project risk and compliance.
