The product offers sublimit reinstatements, up to $1 million in wage and hour protection and continuity of claims coverage.
PRODUCTS: EPL+WHIP®
COMPANIES: Executive Perils, a DOXA Insurance Holdings Company
BEST RATING: A
AVAILABILITY: Appointed agents and brokers only.
FOCUS: EPL+WHIP® 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. The product was 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.
About three years ago, a group of tenured underwriters and brokers met to discuss the future of employment law and employment practices liability insurance, explains Peter R. Taffae, managing director, ExecutivePerils.
“We all agreed that since 1996, when EPLI was introduced, not much has changed from an insurance protection perspective even though there has been a great deal of new legislation, new perils and new developments in how and whom litigation is brought," Taffae says. “Thus EPL+WHIP was born."
“This innovative new product combines wage and hour insurance protection (WHIP) coverage with cutting-edge employment practice liability (EPL) coverage," he adds.
COVERAGE DETAILS: The product offers sublimit reinstatements, up to $1 million in W&H protection, continuity of claims coverage, and the following coverage:
- Immigration defense
- Joint employer
- Workplace violence
- Employee privacy violation
- Sexual harassment
- Discrimination
- Wrongful termination
UNDERWRITING: Submission requirements include five years of loss runs, current EPLI and D&O policy, and the most-recent year-end financial report.
TARGET: Broad appetite for businesses with up to 1,000 employees, but cryptocurrency and cannabis perils are excluded.
COVERAGE AVAILABILITY: All 50 U.S. states.
CONTACT: Peter R. Taffae, managing director, ExecutivePerils; 101 E. Washington Blvd., 10th Floor, Fort Wayne, IN 46802; 310-444-9333.
William Jones is IA editor-in-chief.
