Argo Insurance Bermuda, an international underwriter of specialty insurance and reinsurance products and part of Argo Group International Holdings, has created a new wage and hour (W&H) liability insurance product.
This new product is designed for small to midsized US companies (10,000 employees or less) within any industry and is underwritten by Argo's professional lines team in Bermuda.
W&H insurance provides employers with defence and indemnity liability coverage for violations of the Fair Labor Standards Act or similar state and federal laws that govern employee compensation. Common violations include non-payment of overtime, meal breaks/rest periods, and misclassification of employees as exempt (salaries) or non-exempt (hourly).
“Over the past few years, the industry has seen an increase in the number of wage and hour claims filed on behalf of US employees, particularly on a class or collective-action basis,” said Sherron Williams, senior underwriter at Argo Insurance. “Despite the increase in wage and hour claims, small to midsized businesses in the US are largely underserved for W&H insurance.
“Working closely with our brokers and insureds, we have developed our W&H product to meet this clear and growing need. This niche product is a prime example of our efforts to fill coverage gaps and provide comprehensive solutions across the risk spectrum.”
Argo Insurance Bermuda, W&H, wage and hour liability, US