Independent wholesaler ExecutivePerils announced the launch of a new insurance policy, EPL+WHIP – a product that combines wage & hour insurance protection (WHIP) coverage with employment practice liability (EPL) coverage.
EPL+WHIP, available in all 50 states, was created to address a growing demand for coverage resulting from increasing federal and state laws that hold directors, officers and owners personally liable for wage and hour (W&H) violations. It is designed to mitigate the growing risk and exposures that directors, officers and owners now face when indemnification is not possible and to protect the corporate balance sheet when indemnification is possible.
“EPLI has not materially changed since the addition of third-party coverage in 1998. At the same time new legislation, new perils, and new developments have surfaced in how and against whom litigation is brought. Something needed to be done,” said Peter R. Taffae, managing director, ExecutivePerils, a DOXA Insurance Holdings company.
The product offers sub limit reinstatements, up to $1 million in W&H protection, continuity of claims coverage as well as the following coverage:
- Immigration defense
- Joint employer
- Workplace violence
- Employee privacy violation
- Sexual harassment
- Discrimination
- Wrongful termination
Coalition Introduces New Crime and Fiduciary Liability Insurance Coverage
Coalition said it has added crime and fiduciary liability Insurance coverage, provided through a collaboration with Zurich American Insurance Company, to protect small businesses.
“Today’s crime and fiduciary liability threats are digital, fast-moving, and potentially devastating for any business. Like cyber incidents, these risks can be triggered by internal or external threats, including theft, negligence, and human error,” said Patrick Mitchell, Coalition’s head of executive risks. “With Coalition’s Active Insurance approach, brokers can take proactive steps to help small businesses identify and mitigate risks related to losses tied to fiduciary liability and crime exposures.”
Coalition’s Executive Risks products, include directors & officers liability (D&O) insurance and employment practice liability (EPL) coverage. Coalition provides brokers with a risk assessment alongside every quote to facilitate risk management conversations with every client. The company’s flexible approach allows brokers to customize coverages to address specific crime and fiduciary liability risks—in addition to the policy limits and retentions.
Coalition’s new crime insurance is designed to help protect organizations from criminal activity – both externally (via third parties) and internally (via their own employees). Even as cybercriminals and their tactics become more complex, most cyber and cybercrime attacks are still executed via social engineering. Fiduciary liability insurance helps businesses manage their risks related to their employee benefits plans. New policies may include excessive fee coverage, settlor coverage, and a comprehensive list of covered civil penalties.
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