ACE Expands Disaster Mortgage Distribution Channels Through General Agents
ACE USA, the U.S.-based retail operations of the ACE Group of Companies, announced that it has expanded distribution of its ACE Disaster Mortgage Protection(SM) (DMP(SM)) product outside of its traditional mortgage service provider channel.
“This expanded distribution strategy will now allow general agents and their producers direct access to real-time quoting and buying of DMP coverage through a dedicated website: www.marketplacemakers.com.” said the announcment.
ACE noted that the Disaster Mortgage Protection policy “pays a homeowners’ monthly mortgage payment (including taxes and escrow) while also making available emergency cash should their home become uninhabitable for 48 hours or more due to a covered disaster causing damage to their home. Payments may be made for up to two full years while the home is repaired or rebuilt.” It also provides added coverage by reimbursing insureds their deductible amount under their primary property insurance (homeowners, flood, windstorm or earthquake) when there is a reported and covered loss to their property.
“We are pleased to join with MarketPlace Makers in opening this new distribution channel to general agents and their producers. The recent windstorm losses in Florida, along with the storms and mudslide losses in California, made us aware that we must make our ACE Disaster Mortgage Protection product available to a broader group of American homeowners,” stated Patricia Goudarzi, Executive VP, ACE Select Markets. “Homeowners may not be aware that while the typical property policy pays for the repairs to their home, it does not make their mortgage payments or provide emergency cash if the home becomes uninhabitable. Extending this opportunity for eligible homeowners was the impetus for the creation of this unique distribution channel – a dedicated website created by MarketPlace Makers to sell ACE DMP through general agents.”
MarketPlace Makers, Inc. is a marketing company that distributes ACE Disaster Mortgage Protection insurance coverage on behalf of ACE Select Markets to the general agent community. To learn more, go to: www.marketplacemakers.com or contact Frank Minton at: frank@marketplacemakers.com.
The bulletin also noted that “National Insurance Underwriters (NIU), an affiliated company of National Safe Drivers (NSD), based in Deerfield Beach, Florida, has become the first general agency to join the MarketPlace Makers online platform. NIU will market the ACE Disaster Mortgage Protection product through the independent agency channel.”
NSD Sr.VP Howard Goldfarb commented: “The opportunity to provide our agent clients with direct access to the ACE Disaster Mortgage Protection program appealed to us because–as ACE DMP is a new product to the agency marketplace–we understand the need the American homeowner has for this product, and this new online platform will make it easy for our agents to market the product to customers.”
ACE’s bulletin noted that its “Disaster Mortgage Protection(SM) Policy is underwritten by ACE American Insurance Company in all states, except in Florida where the coverage is underwritten by Bankers Standard Insurance Company. Both companies are members of The ACE Group of Companies, rated ‘A’ (Excellent) by A.M. Best Company and ‘A+’ (Strong) by Standard & Poor’s. This product is not available in AK, CT, NJ, SD, and TX.
“Coverage applies to primary residences only. Coverage is available in certain states for properties containing more than two separate household units, such as triplexes, townhomes and condominiums. This insurance provides no coverage for rental properties, mobile homes, and manufactured homes.”