THE COMBINED POLICY INCLUDES:


*EMPLOYMENT PRACTICES LIABILITY
W/ 3RD PARTY DISCRIMINATION COVERAGE
   
*DIRECTORS’ AND OFFICERS’ LIABILITY

* FIDUCIARY LIABILITY

*CRIME COVERAGE

    
 

* PUNITIVE, EXEMPLARY and MULTIPLE DAMAGES COVERAGE

-- ALL IN A SINGLE INTEGRATED POLICY FORM
   
     
 

An insured can pick and choose which lines of coverage suit its needs and budget.  For each line of coverage, a separate retention and limit of liability can be purchased, in addition to an aggregate limit for all coverages combined.  PUA’s policy also contains spousal and domestic partner coverage, and coverage is available for punitive, exemplary and multiple damages for each line.

The advantages of an integrated policy form covering multiple liability exposures include:

  • ONE-STOP SHOPPING AND A SINGLE PREMIUM. 

  • Minimums start at $2,500
  • SIMPLIFIED RENEWAL PROCESS.
  • A COMPREHENSIVE, UNIFIED AND COORDINATED APPROACH TO INSURANCE COVERAGE.
  • THE COMBINED POLICY ALLOWS FOR INTEGRATED AND STREAMLINED CLAIMS HANDLING.
  • THE INSURED DOES NOT FACE CONFLICTING OR INCONSISTENT COVERAGE POSITIONS BEING ASSERTED BY SEPARATE INSURERS PROVIDING SIMILAR COVERAGES UNDER SEPARATE POLICY FORMS.
  • THE INSURED IS PROTECTED AGAINST COVERAGE GAPS ARISING FROM INCONSISTENT POLICY TERMS, CONDITIONS AND EXCLUSIONS REFLECTED IN MULTIPLE AND SEPARATE POLICY FORMS.
  • FLEXIBILITY OF SEPARATE SCHEDULED LIMITS AND RETENTIONS.
  • Here is a link to our Combo Policy APPLICATION.

  • Here is a link to our Combo Policy Form.

 

HIGHLIGHTS OF EMPLOYMENT PRACTICES LIABILITY COVERAGE

Settlements and judgments in employment-related claims against corporations have increased by almost 200% within the last few years.  EPL coverage has become just as or more important than other more traditional lines of coverage for corporations and PUA’s broad coverage form addresses this need for coverage.  Highlights included:

  • BROADEST ARRAY OF COVERED LIABILITIES, INCLUDING VIOLATION OF ANY FEDERAL, STATE, OR LOCAL LAW, INCLUDING COMMON LAW VIOLATIONS PERTAINING TO ANY KIND OF DISCRIMINATION OR HARASSMENT.
  • WRONGFUL TERMINATION COVERAGE INCLUDES CONSTRUCTIVE DISCHARGE AND BREACH OF EMPLOYMENT CONTRACTS.
  • EMPLOYMENT-RELATED TORTS ARE ALSO COVERED, INCLUDING INFLICTION OF EMOTIONAL DISTRESS, DEFAMATION, LIBEL, SLANDER, DISPARAGEMENT, FALSE IMPRISONMENT, MALICIOUS PROSECUTION, AND INVASION OF PRIVACY.
  • CLAIMS ABOUT HOW THE COMPANY HANDLES ITS EMPLOYMENT MATTERS ARE ALSO COVERED, INCLUDING NEGLIGENT HIRING OR SUPERVISION OF OTHERS, FAILURE TO ADOPT OR ENFORCE ADEQUATE WORKPLACE PRACTICES, AND EXCESSIVE OR UNFAIR DISCIPLINE.
  • RETALIATION COVERAGE IS EXPANDED TO INCLUDE RETALIATION UNDER ERISA, OSHA, WORKER’S COMPENSATION LAWS AND WAGE AND HOUR LAWS, AS WELL AS ALL TYPES OF WHISTLEBLOWER LIABILITY.
  • MORE THAN JUST EMPLOYMENT PRACTICES LIABILITY IS COVERED — CLAIMS OF DISCRIMINATION OR HARASSMENT MADE BY THIRD-PARTIES, SUCH AS CUSTOMERS AND CLIENTS, ARE ALSO COVERED WHETHER BROUGHT UNDER PUBLIC ACCOMMODATION STATUTES OR ANY OTHER THEORY OF LIABILITY.
  • COVERAGE EXTENDS TO THE COMPANY, AND EVERY PERSON IN THE COMPANY, INCLUDING PARTNERS, PRINCIPALS, DIRECTORS, OFFICERS, TRUSTEES, AND EMPLOYEES.
  • THE COMPANY HAS THE OPTION, AT THE TIME THE CLAIM IS MADE, OF WHETHER TO EXTEND THE COVERAGE TO PARTICULAR EMPLOYEES.  THIS ALLOWS THE COMPANY TO CONSERVE POLICY PROCEEDS FOR ONLY THOSE INDIVIDUALS WHOM IT DECIDES SHOULD BE COVERED.
  • BROAD EMPLOYEE CLAIM COVERAGE INCLUDING FULL-TIME, PART-TIME, SEASONAL, TEMPORARY, AND EVEN CLAIMS BY LEASED WORKERS AND INDEPENDENT CONTRACTORS ARE COVERED.
  • CLAIMS FOR NON-MONETARY RELIEF COVERED.
  • NO INTENTIONAL ACTS EXCLUSION.
  • NO CLASS ACTION EXCLUSION.
  • NO BODILY INJURY EXCLUSION FOR EPL CLAIMS.
  • NO DOWNSIZING EXCLUSION.
  • ANY NEEDED LOSS CONTROL SERVICE PROVIDED AT UNDERWRITERS’ EXPENSE BY A NETWORK OF LEADING LABOR LAW FIRMS; LOSS CONTROL INCLUDES CREATION OF FULL POLICIES/PROCEDURES AND TRAINING, IF REQUIRED.

 

HIGHLIGHTS OF DIRECTORS’ AND OFFICERS’ LIABILITY COVERAGE

Directors and Officers liability insurance provides specialized coverage for the directors and officers of the insured company.  The directors and officers liability insurance provided by PUA also extends broad coverage to the insured company, which is not limited to claims against the company for securities claims only.  This coverage protects the Directors and Officers, as well as the company, against losses that may result from alleged errors in judgment, breaches of duty, or wrongful acts, among other things. 

Courts are overflowing with shareholders and government entities making damaging claims against directors, officers and companies, which many times result in seven figure settlements and verdicts.  It is essential to the long-term success of any company to protect the company’s assets and the best interests of the board and the management team.  Other features of our coverage form include:

  • FULL ENTITY COVERAGE.
  • COVERAGE FOR DIRECTORS AND OFFICERS EXTENDS TO NON-U.S. FUNCTIONAL EQUIVALENTS.
  • NOT-FOR-PROFIT OUTSIDE POSITION COVERAGE.
  • BROAD DEFINITION OF CLAIM INCLUDES NOT JUST CIVIL BUT ALSO ADMINISTRATIVE AND REGULATORY PROCEEDINGS.
  • PUNITIVE, MULTIPLE AND EXEMPLARY DAMAGES ARE COVERED WHERE INSURABLE UNDER MOST FAVORABLE JURISDICTION LANGUAGE.
  • PRIORITY OF PAYMENT PROVISION ENSURES THAT THE ENTITY WILL NOT COMPETE WITH THE DIRECTORS AND OFFICERS FOR THE LIMITS OF LIABILITY.

 

HIGHLIGHTS APPLICABLE TO ALL COVERAGE SECTIONS

  • SPOUSAL COVERAGE EXTENSION TO ALL COVERAGE SECTIONS.
  • SEPARATE LIMITS APPLICABLE TO EACH COVERAGE, AND FLEXIBLE RETENTION AMOUNTS
  • COVERAGE FOR PUNITIVE, EXEMPLARY AND MULTIPLE DAMAGES BASED ON “MOST FAVORABLE JURISDICTION” WORDING.
  • POTENTIAL CLAIM NOTIFICATION AT THE OPTION OF THE INSURED.
  • POLICY COVERS CLAIMS MADE WORLDWIDE, INCLUDING ARISING OUT OF OVERSEAS LOCATIONS.
  • 1 YEAR, 2 YEAR and 3 YEAR EXTENDED REPORTING PERIODS WITH 30-DAY PURCHASE OPTION.
  • NO CANCELLATION BY UNDERWRITERS, EXCEPT FOR NON-PAYMENT OF PREMIUM.
  • “JUDGMENT OR OTHER FINAL ADJUDICATION” LANGUAGE FOR PERSONAL PROFIT/ADVANTAGE AND DISHONESTY EXCLUSIONS.
  • OTHER INSURANCE CLAUSE PROVIDES THAT THIS IS PRIMARY INSURANCE. 
  • AUTOMATIC COVERAGE FOR NEWLY ACQUIRED OR CREATED ENTITIES AND SPONSORED PLANS.
  • COORDINATION AMONG COVERAGE SECTIONS 

 

HIGHLIGHTS OF FIDUCIARY LIABILITY COVERAGE

Employees may sue the sponsor organization, the plan, and anyone exercising any discretionary authority or control over the management or administration of an employee benefit plan or its assets, for any alleged breach of fiduciary duty.  Fiduciaries face personal liability in the event of a breach of duty, and also can be sued for the acts of other fiduciaries.  In addition to fiduciaries, directors and officers also face liability arising from employee pension and welfare benefits plans, even if these individuals exercised no direct control over the company’s employee benefit plans. 

The Employee Retirement Income Security Act of 1974 (“ERISA”) sets far-reaching guidelines for fiduciary liability, and makes fiduciary liability insurance an important part of any organization's risk management plan.  The fiduciary liability coverage provided by PUA is broad and protects all internal or independent directors, officers, partners, trustees or employees of the plan.  This coverage also extends to these individuals in the event of tag-along lawsuits, which can place their personal assets at risk. 

The Health Insurance Portability and Accountability Act (“HIPAA”) of 1996 promotes the continuance of health insurance benefits, and mandates the safeguarding of employee health insurance-related information, with significant fines for proven violations.  PUA provides HIPAA coverage through an endorsement to its fiduciary liability coverage section.  In our litigious society, such an extension can prove valuable.

 

HIGHLIGHTS OF CRIME COVERAGE

Opportunities for theft abound in the business environment, and employee theft can occur at any level of an organization.  It is estimated that over $600 billion annually is lost to theft and commercial fraud, which can have a devastating effect on any business.

PUA’s Crime Coverage Section provides blanket coverage for the dishonest acts of all employees.  This coverage section contains a very broad definition of who constitutes an “Employee.”  Additionally, our coverage protects against loss of money, securities, and other property. 

PUA’s fidelity/commercial crime capabilities include coverage for:  employee theft; forgery or alteration; theft of money and securities; robbery or burglary; computer fraud; funds transfer fraud; money orders and counterfeit money.  The ERISA Fidelity insuring agreement protects the assets in an employee benefit plan from internal acts of fraud and dishonesty.


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