PHILADELPHIA--May 31, 2012--(BUSINESS WIRE)--ACE Private Risk Services, the high net worth personal insurance business of the ACE Group, and Generac Power Systems, a market-leading manufacturer of generators and engine powered products, today announced a program to help ACE clients minimize potential disruptions to their lives and significant damage to their home due to power outages. The program is first being introduced in New York, New Jersey, and Connecticut -- states that suffered significant damage in 2011 from Hurricane Irene and the late-October snowstorm.
To encourage the installation of automatic standby generators, ACE Private Risk Services offers up to a five percent discount on its homeowners insurance policy premium. With the introduction of this program, participating Generac dealers will visit an ACE client’s home and perform a free installation consultation. Additionally, Generac is offering a free five-year extended warranty to ACE clients who purchase a generator by July 31, 2012, and then complete installation by September 30, 2012.
“Last year many of our clients had to abandon their homes, watch basements flood, let food and expensive wine collections spoil, and leave precious artwork and other valuables unguarded due to power loss lasting more than a week after Hurricane Irene and the late-October snowstorm,” said Gary Raphael, Senior Vice President, Risk Consulting at ACE Private Risk Services. “Those who had automatic standby generators fared much better because their sump pumps, heating and cooling systems, and alarm systems kept working. People often forget how much their homes depend on power.”
Generac’s automatic standby generators provide an auxiliary source of electricity that operates during a power outage, whether the family is home or away. Within seconds of an outage, it automatically supplies power directly to the home’s electrical circuit breaker box. After utility power returns, the generator shuts itself off and waits for the next outage. The system operates on natural gas or liquid propane gas and sits outside the home, just like a central air conditioning unit.
“The automatic nature of the standby generator is very important for our clients, because they tend to travel a lot and have multiple homes,” noted Mr. Raphael. “If the power goes out while they are away, they don’t have to worry about the failure of critical systems that protect the home.”
To take advantage of the program, ACE Private Risk Services’ clients with homes in New York, New Jersey and Connecticut should call 1-888-GENERAC (436-3722) and identify themselves as an ACE client. They will be connected with the nearest participating Generac dealer, who will visit the home to evaluate the size of the generator required, the best location for the generator, and the cost of installation.
About Generac (NYSE: GNRC)
Since 1959, Generac has been a leading designer and manufacturer of a wide range of generators and engine powered products. As a leader in power equipment serving residential, light commercial, industrial and construction markets, Generac's power products are available through a broad network of independent dealers, retailers, wholesalers and equipment rental companies. The company markets and distributes its products primarily under its Generac and Magnum brand names. For more information on Generac and its product line, visit www.generac.com.
About ACE Private Risk Services
ACE Private Risk Services is the ACE Group’s high-net-worth personal insurance business, which provides specialty coverage for homeowners, automobile, recreational marine, umbrella liability and collections insurance for individuals and families with emerging and established wealth. Policies are issued by Bankers Standard Insurance Co. and ACE Insurance Co. of the Midwest. Additional information can be found at: www.aceprs.com. The ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 53 countries, ACE provides commercial and personal property and casualty insurance, personal accident supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of the ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. Additional information can be found at: www.acegroup.com.