A.M. BestTV at RIMS: It’s Not Having a Policy That Matters, Rather It’s How You Respond, Says Employment Liability Panel

Business Wire

OLDWICK, N.J.--(BUSINESS WIRE)-- In this ^A.M.BestTV episode at the Risk and Insurance Management Society, Inc.’s (RIMS) conference in San Antonio, TX, experts on employment practices liability (EPL) said the spate of high-profile sexual harassment allegations is driving interest among organizations seeking to protect themselves against claims, which have been rising in severity. Click on http://www.ambest.com/v.asp?v=rims7418 to view the entire program.

The panelists addressed the impact recent events have had on the EPL sector.

”I think the markets are very concerned, as they should be,” said Tom Hams, managing director, national employment practices liability leader, Aon Risk Solutions. “They are seeing more severity even if they are not seeing the frequency yet. I think it has not risen to the level of reaching the companies yet, but those claims that were already in the door for sexual harassment are doubling in value.”

“We are all EPL-focused; however, this is no longer an EPL issue, if it ever was. It is a management liability issue. It should be of concern to boards of directors and C-suite executives,” said Kelly Thoerig, U.S. employment practices liability coverage leader, Marsh.

Carol Zacharias, underwriting counsel, QBE Insurance, believes the way a company response to allegations is critical, since, “An EPL claim for sexual harassment under a policy involving a perpetrator can be transformed into a much broader claim of mismanagement if it is not handled appropriately.”

For full video coverage of RIMS, including exclusive executive interviews, visit http://www.ambest.tv/rims18.

Panel discussions from the RIMS conference include:

Keeping Up With Regulations Remains Biggest Challenge, Say Captive Regulators: Captive representatives from Vermont, Bermuda and the Cayman Islands say the pace and breadth of rules and changes, internationally and domestically, have added to the work of overseeing large and growing captive populations: http://www.ambest.com/v.asp?v=rims6418.
Coverage for On-Site Violence Is ‘Business as Unusual,’ Says Risk Panel on Active Shooter Incidents: Insurers and risk experts say demand for coverage against the costs of active shooters and similar incidents are rising: http://www.ambest.com/v.asp?v=rims2418.
Cyber Is Growing Into the Risk That Connects Them All, Says Panel: Risk management executives say more insureds are asking for broader coverage for the losses that can be triggered when an organization’s network is compromised: http://www.ambest.com/v.asp?v=rims5418.
Most Effective Catastrophe Work Occurs Pre-Storm, Say Insurance Leaders: Property/casualty leaders say the 2017 catastrophe losses highlight the need to invest in loss prevention, better engineering and clear explanations of deductibles: http://www.ambest.com/v.asp?v=rims4418.

^A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View ^A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.