Archive for Employee Protection
Directors and Officers (D&O) Liability
This coverage protects directors and officers of a corporation against claims that allege injury caused by their negligent acts, errors, or omissions while acting in their corporate capacities. It also indemnifies corporations for expenses they incur to defend such lawsuits. The market for this coverage is expanding and addresses all sizes of corporations. Some companies cover discrimination, wrongful termination, and sexual harassment.
Employee Benefit Plans Liability
This insurance covers the insured employer against claims made by its current or former employees due to damages caused by negligent acts, errors, or omissions in its administration of employee benefit programs. It covers claims that result from giving incorrect advice concerning an employee’s health care or pension plan or for failing to enroll employees under a benefit program. It usually excludes all fiduciary responsibility. It may be written on a separate policy or be endorsed to the employer’s commercial general liability policy.
Employment-Related Practices Liability
Federal, state, and local regulations prohibit a number of employment-related practices. This insurance covers the insured if it or any of its employees are accused of any of the prohibited practices. The coverage provides a list of the federal regulations that can be cited in a claim such as age, race, gender, or disability discrimination. It also covers allegations of harassment and retaliation.
Global account underwriting is tied to the growth in multinational corporations. Multinational businesses need a package of domestic and foreign insurance coverages combined under a single master program. A number of major U.S. insurers have large international networks of facilities that can provide insurance coverage in almost any country in the world for U.S. businesses that conduct operations overseas and American businesses that export products overseas. Policies may be written in American dollars for U.S. corporations that have overseas facilities on a non-admitted basis or in the local market of the foreign country with foreign conditions and premiums paid in local currency on an admitted basis.
Kidnap & Ransom Insurance
Kidnap, ransom, and extortion coverage has become more common as businesses expand their international outreach and send executives and key employees around the world. While ISO and SFAA have developed endorsements and coverage forms, restrictions and availability vary by company. One unusual aspect of this coverage is that the insured cannot acknowledge having the coverage.
Legal Expense Insurance
Group legal expense insurance has attracted the attention of many labor unions, trade associations, and bar associations. This coverage is targeted at, and appeals to, families with moderate incomes who earn too much to qualify for legal aid services for the indigent and too little to be able to afford more expensive legal services. It is written on a group basis for members of unions, trade associations, etc. Typical coverage available is for legal advice and consultation, office work, various judicial and administrative proceedings, and major legal expenses. Schedules of benefit limitations are established for each type of covered legal expense, much like major medical or hospitalization insurance.
Limited Partnership Liability: Partnership Managers
A limited partnership’s general partners are the people and/or companies responsible for managing and running the partnership’s operation. They can be sued for mismanagement, negligence, or waste of partnership assets. However, the greatest concern to general partners is probably the sizeable lawsuits brought against them by limited partners (investors) that allege violation of federal security statutes and “”Blue Sky”” laws. Limited partnership liability coverage insures general partners, both individual and company, the directors and officers of company general partners, and limited partners for alleged wrongful acts. It can be extended to include as insureds the affiliates of general partners and syndicators. The policy covers violations of federal security statutes and “”Blue Sky”” laws. Any form of new or existing private or public limited partnership is eligible for coverage.
Sex Abuse/Molestation Liability
This coverage is very important for risks such as churches, day care centers, schools, children’s camps, and other businesses that provide services to vulnerable populations such as children, disabled persons, and the elderly. This coverage insures the organization for charges of poor supervision but does not protect any perpetrator. The following underwrite this liability coverage: