The Canadian Automobile Association, representing more than six million members across Canada, has announced that it will now offer a tailored insurance solution for high net worth clients called CAA Distinct.
This customized coverage will include several features that have been specially designed for this demographic, including protection for pricy real estate, luxury vehicles, and valuable collectible items such as expensive artwork.
Canada recently placed 8th on the list of countries with the most multimillionaires, according to the World Ultra Wealth Report issued by Wealth-X and UBS.
CAA Distinct will be offered through a partnershipw ith ACE Private Risk Services, which operates under ACE Group, a leader in insurance proection for high worth individuals.
"At CAA, we recognize a clear need among our members for insurance coverage of their valuable assets. We are committed to delivering a tailored and personalized product with their specific requirements in mind," Matthew Turack, president, CAA Insurance, said in a statement.
The consumer group promises to extend "white glove" service to its clients, complete with a special service team, 24-hour claims service, continual updates on claims, and individualized consultations to prevent future incidents.
In addition, consumers will be able to enjoy CAA Distinct's Forgive and Forget policy, which overlooks drivers' first-time at-fault auto accidents. On the property side, Full Replacement coverage reimburses the cost of rebuilding clients' homes, even if the tally is in excess of the written policy.
These benefits will extend to vacation properties located in the United States.
"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," Turack said.
