ACE USA Adds Coverage for Condominiums and Multi-Family Dwellings to Its Disaster Mortgage Protection Program.PHILADELPHIA Philadelphia, ancient cities Philadelphia, name of several ancient cities. One was in Lydia, W Asia Minor (now W Turkey). At the foot of Mt. Tmolus and near the location of modern Alaşehir, it was founded in the 2d cent. B.C. -- ACE USA, the U.S.-based retail operations of the ACE Group of Companies (NYSE NYSE See: New York Stock Exchange :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 A special interest group. This is a marketing term for a group of people with similar interests. , 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 escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. ) 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 That which may be taken away or subtracted. In taxation, an item that may be subtracted from gross income or adjusted gross income in determining taxable income (e.g., interest expenses, charitable contributions, certain taxes). 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 Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. 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 spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. weather products and captive captive said of naturally wild or feral animals kept in captivity for educational and scientific investigation with no attempt being made to domesticate them. management for affinity groups. 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 The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. 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. |
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