Argo Insurance Bermuda, a global underwriter of specialty re/insurance products, has announced the launch of a new wage and hour (W&H) liability insurance product for the U.S market.
The new offering will provide employers with defence and indemnity liability coverage for violations of the Fair Labor Standards Act, and will compensate employees for risks like non-payment of overtime and breaks, and misclassification of salary.
Argo Insurance, which is a subsidiary of Argo Group International Holdings, has indicated that the new offering is designed for small to midsized U.S companies (10,000 employees or fewer) in any industry.
Sherron Williams, Senior Underwriter at Argo Insurance, said: “Over the past few years, the industry has seen an increase in the number of wage and hour claims filed on behalf of U.S. employees, particularly on a class or collective-action basis.
“Despite the increase in wage and hour claims, small to midsized businesses in the U.S. 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.”
