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PHILADELPHIA—Aon Risk Solutions has rolled out coverage for wage-and-hour claims, the global risk management business of London-based Aon P.L.C. announced at the Risk & Insurance Management Society Inc. Annual Conference and Exhibition in Philadelphia.
The policy covers the defense and indemnity costs stemming from legal actions whether they are settled or go to trial. Wage-and-hour claims are cited frequently in class action litigation and the Department of Labor has reported that up to 80% of U.S. employers violate some aspect of the law, Aon said Tuesday.
“This is the first time the insurance marketplace has offered this level of protection for wage-and-hour claims,” Tom Hams, Chicago-based national practice leader for employee practices liability insurance at Aon Risk Solutions, said in a statement. “We worked with leading defense law firms and our insurance trading partners for two years to develop the models necessary to bring this product to market for our clients.”
Policy limits up to $50 million are available, and minimum retentions are $5 million. Costs are based on a company's policy and loss history as well as the concentration of its employee numbers in specific states and specific job classifications.
For more information, contact Mr. Hams at firstname.lastname@example.org.
For in-depth coverage of this topic and related issues, visit our Solution Arc on Wage-and-Hour Litigation: Strategies for Managing This Growing Risk.