CAA launches new risk management solution for high net worth members in Ontario

CAA Insurance Company (Ontario) announced on Wednesday that it is unveiling CAA Distinct – a comprehensive risk management solution for high net worth members in Ontario.

CAA Distinct is a new insurance program designed specifically to address the complex risks faced by such clients, CAA said in a press release. Through CAA Distinct, members have access to a team of dedicated risk specialists who can help financially successful clients identify their unique exposures and address them with customized insurance for their unique lifestyle, including protection for high-end homes, luxury vehicles, valuable collections, family heirlooms and more, the release said.

The specialized coverage and claims handling is made possible through a strategic alliance with ACE Private Risk Services, a division of ACE Group, and a provider of high net worth insurance products and services.

On Tuesday, ACE Group announced the launch of its high net worth personal insurance capabilities in Canada through ACE Private Risk Services. The business will offer superior insurance solutions for Canadians as well as Americans and other foreign citizens with properties in Canada, ACE Group said in a statement.

“Independent agents and brokers, and the financially successful individuals and families they advise, stand to benefit from the comprehensive and convenient ‘portfolio’ approach of ACE Private Risk Services,” said Andy Hollenberg, Canada country president for ACE, in the statement.

ACE’s program features a highly customizable and specialized package of policies that can include home, valuable collections, watercraft, umbrella liability, and, through an alliance with CAA Insurance, auto insurance. “The portfolio approach helps minimizes coverage gaps and wasteful duplications in coverage,” Mr. Hollenberg added, “while it also makes the program easier to manage for both the agent or broker and client. In many cases, billing for all the policies can be consolidated on one statement.”

Related: ACE Group announces high net worth personal insurance capabilities through ACE Private Risk Services

Matthew Turack, President, CAA Insurance said that, “the decision to develop this strategic alliance with ACE Private Risk Services fits naturally within the scope and goals of CAA Distinct, because of its excellent industry reputation, quality underwriting and exceptional financial strength and stability.”

Through CAA Distinct, clients will have prioritized service, access to a direct specialized service team, 24/7 claims service and a dedicated toll-free number. Customers will also receive timely updates throughout the claims process and consultation to prevent future claims, as well as access to repair and restoration firms.

Furthermore, CAA Distinct clients will benefit from “full replacement” coverage, which includes the cost to rebuild their home, even if the cost exceeds the value stated on the policy. Automobile clients will also receive CAA’s “forgive and forget” plan in the event of a first at-fault accident.

High net worth clients with vacation properties in the United States are also eligible for cross-border coverage through CAA Distinct, the release said.