Friday, May 10, 2013

Types of Insurance Coverage

Information from ACE insured.

ACE

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Benefits of the Portfolio Approach

One Program Covers Many Needs
With a high degree of flexibility, the ACE Platinum Portfolio allows you to coordinate the coverages you need within a single insurance program that’s easy to manage and uniquely suited to your lifestyle. The program can enhance family security and protect wealth by providing coverage for:
  • High value homes and condominiums with unique features
  • Vacation and secondary residences
  • Multiple cars and drivers
  • Fine art, antiques, jewelry, and collectibles
  • Pleasure boats and yachts
  • Costly liability lawsuits
Comprehensive and Efficient Coverage
  • The portfolio approach minimizes coverage gaps and eliminates wasteful duplications that can occur with a collection of standard industry policies.
  • It comes with an overall package discount. So, you can be sure you’re getting seamless protection as well as the most value for your premium dollar.
  • In most instances, you will have just one package policy to track and one bill to pay.
Superior Coverage – See for Yourself
When you have substantial assets to protect, you need superior coverage. The ACE Platinum Portfolio automatically includes broader and higher levels of coverage than standard industry policies do. Read our coverage comparison and see for yourself.


Home Insurance

Fine homes deserve special treatment
The ACE Platinum Portfolio recognizes that fine homes often have unique features and high quality furnishings that require special treatment not found in standard industry policies.  To ensure the proper level of protection, our home policy includes many benefits.

Benefits:

Full replacement cost on your home. We promise to pay the full cost of having your home and other structures on your property rebuilt after a covered total loss, even if the amount exceeds the limit in your policy.
Replacement cost for contents. We do not apply depreciation to furniture, clothing, and your other possessions. Buy new replacements of similar type and quality, and we will reimburse you.
Cash settlement option. If you decide not to rebuild your home after a covered total loss, you can choose to receive a cash settlement up to your policy limit.
Broad coverage. We automatically include coverage for identity fraud, kidnap and ransom, home banking records, mortgage re-negotiation, land restoration, and personal computers and computer records. We can also provide extra coverage for losses due to flood.
Rental property option. If you rent a property you own to someone else, you have the option to insure only the structure and not the contents.

Coverage Comparison

The ACE Platinum Portfolio homeowners policy promises to pay the full cost of having your home and other structures on your property rebuilt after a covered total loss, even if the amount exceeds the limit in your policy.
By contrast, standard industry policies cap the payout amount. Since studies show that most homes in the country are undervalued in their insurance policy, the payout cap can leave homeowners, especially affluent ones, dangerously exposed if their home is destroyed. Check your current policy or ask your agent what kind of coverage you have. See a coverage comparison. 
Learn more about other advantages the ACE Platinum Portfolio has over standard industry policies.

Condominium Insurance

The importance of going beyond contents coverage
If you insure only your possessions to complement the insurance on the building structure purchased by your condo association, you could expose yourself to significant risks. Our home policy can be written to exclude the structure while providing superior protection against a broad range of these risks.

Benefits:

  • Additions and alterations. Almost all condo association policies exclude the improvements you make to your unit, such as adding stone countertops, custom built-in cabinets, or upgraded lighting fixtures and appliances. Our policy promises to pay the full cost of replacing these improvements after a covered loss.
  • Loss assessments. Condo associations typically have the power to assess each unit owner for losses that the association must pay. Since assessments can be in the tens of thousands of dollars for each unit owner, our policy promises to pay up to $100,000 for assessments due to covered losses.
  • Personal liability. Don’t assume that your condo association’s insurance will pay if someone sustains an injury in your unit and sues you. Our policy provides options for $300,000, $500,000, and $1 million in personal liability coverage.
  • Additional living expenses. We will pay your additional living expenses if you must live elsewhere while your condo is being repaired due to a covered loss. Your condo association’s insurance may not.
  • Replacement cost for contents.  We do not apply depreciation to furniture, clothing, and your other possessions. Buy new replacements of similar type and quality, and we will reimburse you.
Visit our home policy page to discover the additional coverage features that will benefit you as a condo owner.

Auto Insurance

Setting higher standards
If you appreciate superior craftsmanship, performance, and comfort in your vehicle, you’ll appreciate the higher standards for auto coverage and service in the ACE Platinum Portfolio.

Benefits:

  • “Agreed Value.” By choosing this option, you can lock in the value of your vehicle and avoid depreciation if it becomes a total loss.  Standard policies can take thousands out of your reimbursement by applying the most aggressive form of depreciation.
  • “New for Old.” This option replaces your “totaled” auto with a comparable new one in the latest model year.
  • “OEM” parts. We always pay for parts produced by the original manufacturer, also called OEM parts. Some auto policies will only pay for “generic” auto parts from third-party manufacturers.
  • Road service and overnight expenses. Our Comprehensive coverage automatically includes road service and even two days of overnight expenses if you’re stranded far from home.
  • No deductible for windows, locks, and airbags. We will pay to replace broken or chipped windows, locks that need to be replaced due to lost or stolen keys, and airbags that accidentally deploy - and we won’t hold you responsible for the deductible.
  • Comparable auto rental during repairs. We do not limit the daily expense of renting a car while your vehicle is being repaired due to a covered loss. Standard policies often have strict daily limits equivalent to the cost of renting a small economy car.
  • High liability limits. We offer liability limits from the state minimum levels up to $500,000 and beyond. Bargain policies may not be able to offer adequate limits for high net worth customers, who make lucrative targets for liability lawsuits.
  • Rental car damage and loss of use. If you damage a rental car, the rental company may hold you responsible for the cost of repairing the vehicle as well as lost income while the car is out of commission. Unlike standard industry policies, we automatically cover both, and we do so on a worldwide basis

Valuable Collections Insurance

Exceptional coverage for exceptional items
While our home policy includes coverage for your valuables, many people choose to insure their most precious possessions with the added protection of a valuables policy, which offers broader coverage on a worldwide basis.

Benefits:

  • No deductible. If you lose an engagement ring or break a precious antique, the loss is covered from the first dollar.
  • Market value coverage. We settle covered losses at least at the scheduled amount or, if higher, at market value up to 150 percent of the scheduled amount.
  • Single item or blanket coverage. You have the option to schedule individual items or choose blanket coverage for groups of valuables such as a jewelry, crystal, or art collections.
  • “All risk” coverage. Your valuable possessions will be protected against loss due to flooding, which is excluded from the home policy.
  • Worldwide coverage. Don’t worry about taking your precious jewelry or professional-grade camera abroad.
  • Newly acquired items. We automatically include coverage for items acquired within the previous 30 days, or 90 days for fine arts.

Coverage Comparison

Standard industry policies do not:
  • Settle covered losses at least at the scheduled amount or, if higher, at market value up to 150 percent of the scheduled amount
  • Provide the option to schedule individual items or choose blanket coverage for groups of valuables such as jewelry, crystal, or art collections
  • Pay for losses due to breaks or fractures of fragile items if, for instance, a precious vase is accidentally knocked off a shelf

Umbrella Liability Insurance

As your wealth increases, so does your attractiveness as a target for lawsuits. Settlements for serious injury or property damage can exceed the liability limits of your home or auto policies. You could lose your home, property, savings and investments - even your future income. Umbrella coverage offers critical protection in these cases. It offers the following benefits:

Benefits:

High limit availability. You can acquire from $1 million up to $100 million of additional liability protection for bodily and personal injury.
Fills coverage gaps. Our umbrella policy will pay from the first dollar of loss if a coverage gap exists in the home or auto policy.
Legal defense. Once the resources of your underlying coverages are exhausted, we will coordinate and pay for your legal defense without reducing your liability limit.
Private consultation.  We provide coverage for the cost of having your lawyer monitor our legal defense efforts.
Reputation defense. We provide coverage for the cost of having a public relations firm protect your reputation.
Court costs. In addition to the settlement to an insured party, you will be covered for potentially substantial court costs and fees associated with the defense of your case.
Optional enhancements. You can add coverage for uninsured/underinsured liability, employment practices liability, and not-for-profit director’s & officer’s liability

What's Your Liability Risk?

How much are you at risk of being sued? Complete our personal liability risk scorecard to get a rough idea.
While everyone is at risk for being the target of a personal liability lawsuit, some people are more at risk than others, especially if they have substantial assets.

Pleasure Boat and Yacht Insurance

Specialized protection for a wide range of pleasure yachts and boats
Whether you are seeking coverage for a yacht, small boat, luxury mega-yacht, classic or vintage boat, high performance, select charter boat or personal watercraft, we have the ability to meet your coverage needs through a variety of customized policies available from ACE Recreational Marine®.
To learn about ACE Recreational Marine® and the specific policies it offers, click on any of the links below:

Renters Insurance

You don’t have to own your residence to have significant risks
If you live in a home, condo, or apartment that you rent, the owner is usually responsible for insuring the structure, but little else.  Our home policy is flexible enough to meet your needs in these circumstances.
Our home policy can be written to exclude the structure while providing superior protection against a broad range of risks.

Benefits:

Replacement cost for contents: We do not apply depreciation to furniture, clothing, and your other possessions.  If you buy new replacements of similar type and quality after a covered loss, we will reimburse you.
Additions and alterations: The owner’s insurance is unlikely to cover improvements you may have made to the residence, such as adding built-in cabinets or upgraded lighting fixtures and appliances.  Our policy promises to pay the full cost of replacing these improvements after a covered loss.
Personal liability: Don’t assume that the owner’s insurance will pay if someone sustains an injury in your residence.  Our policy provides $500,000 in personal liability coverage, with an option for $1 million.
Additional living expenses: We will pay your additional living expenses if you must live elsewhere while the residence is being repaired due to a covered loss.
Identity fraud:  We pay your expenses for resolving losses due to identity fraud, including attorney fees and lost income if you must miss work.
Lock replacement: Lose your keys?  You’re covered for the cost of replacing the locks.

Other Types of Insurance Coverage

Satisfying a broad range of your insurance needs
When you choose the ACE Platinum Portfolio, you’re opening yourself to a world of insurance that goes far beyond home, auto, umbrella liability, and valuable collections coverage.  You’re gaining access to a broad range of insurance products available through the ACE Group, a global leader in insurance and reinsurance.
Some of the additional insurance products you may find useful are:
  • Private aviation: From piston-powered aircraft and helicopters to jets, ACE can provide hull and liability insurance.
  • Builder’s risk: Substantial home construction projects pose risks that require special coverage. ACE has dedicated experts to assess your project and provide the needed coverage.
  • Fine art: Extensive collections may exceed even the generous limits in our valuables policy. In these cases, ACE can offer access to insurance used by well-known museums to handle your private collection.
  • Worker’s compensation: Injuries to household staff could result in medical and disability costs that are not covered in your home policy. As one of the world’s leading insurers for business, ACE can provide a robust solution for individuals, as well.
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Lewis Insurance
2525 S. Lamar Ste 11
Austin, TX
78704

www.nationwide.com/joshlewis
www.austinhealthbrokers.com
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