Rockwood Programs has announced significant changes to its existing Employment Practices Liability Insurance (EPLI) policy. The enhanced coverage form will be available in all jurisdictions with the exception of California on April 17, 2006.
The changes include the following:
* Inclusion of Legal expense coverage for Wage & Hour claims, subject to a sub-limit.
* Removal of Failure to Comply, Major Stockholder, and Dishonest Acts exclusions.
* Addition of a “Soft Hammer” provision with a 50/50 Insured/Insurer split.
* Expanded definition of “Employee” expanded to include Independent Contractors and Leased Employees under the direction of the Insured.
* Defense Cost outside of and equal to the limits of liability, with certain restrictions.
Minimum premiums start at $1,250 and a wide range of liability limit and retention options available. In addition, policyholders have exclusive access to a broad array of loss control tools available via the Internet, including step-by-step Human Resources procedures, recommended policies, training programs, and employee handbook templates.
The Rockwood EPLI product is underwritten by Avemco Insurance Company (AIC), an affiliate of HCC Holdings, Inc. Other carrier relationships are maintained to provide additional flexibility in coverage terms, rate, and liability limit. All companies represented are rated “A” (Superior) or better by A.M. Best.
Rockwood has also developed an EPLI product for companies with 15 or fewer employees, marketed under the name of The Rockwood Guardian EPLI Program. The product offers coverage for as little as $500. Liability limit options of $50,000 and $100,000 are available. All polices are issued with a $5,000 retention. Coverage is written on a surplus lines basis through certain underwriters at Lloyd’s of London. Risk management services are also provided as part of the insurance package. For more information call, (800) 558-8808
Source: Rockwood Programs Inc.