ACE Risk Management, part of ACE USA, today announced the introduction of its new Split Deductible Limit Workers' Compensation product. The product, designed to meet the needs of large Risk Management clients, is a flexible alternative to a traditional Workers' Compensation Large Deductible product.
"This is the first major product enhancement since the Workers' Compensation Deductible approach was introduced in the early nineties," said Bill Curcio, president, ACE Risk Management. "Today, we need to consider the new face of risk when structuring self-funded plans. We are pleased to offer this competitive alternative and are convinced that this product is another example of ACE Risk Management's ability to do what is valued most by our customers, create timely win-win solutions."
ACE designed the Split Deductible Limit product to allow risk managers and underwriters to negotiate customized deductible retentions, simultaneously addressing the potential loss scenario concerns of each party.
A key advantage of the Split Deductible Limit Workers' Compensation product is its flexibility. Under this approach, an insured may negotiate two separate deductibles: one that applies as an "Incident Deductible Limit" and another that applies as an "Employee Deductible Limit." As part of the "Employee Deductible Limit," an insured may negotiate the number of employees to be included.
This approach is specifically designed for large organizations with the financial wherewithal to self-fund significant amounts of risk. ACE's Split Deductible Limit Workers' Compensation Product has been approved in twenty-one (21) states including California, Illinois and Pennsylvania, as well as in the District of Columbia, with the balance of U.S. States pending. Additionally, ACE will continue to offer its traditional Workers' Compensation Large Deductible Product.
For more information, please contact Jim Macdonald, chief underwriting officer of ACE Risk Management at (215) 640-4367.
ACE USA, headquartered in Philadelphia, is the U.S.-based operating division of the ACE Group of Companies, headed by ACE Limited (NYSE: ACE). ACE USA provides insurance products and services through the U.S. operating subsidiaries. ACE USA is rated "A" (Excellent) by A.M. Best and "A+" (Strong) by Standard & Poor's. The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients around the world. Additional information can be found at: www.ace-ina.com.