Coverage Highlights
Despite an increase in wage and hour claims led on behalf of U.S. employees, particularly on a class or collective-action basis, the U.S. SME insurance market was not meeting the need for this niche product.
Argo Insurance’s tailor-made product protects small to midsize U.S. enterprises with 10,000 or fewer employees from any industry or state. W&H insurance includes defense and indemnity liability coverage for violations of the Fair Labor Standards Act, or similar state and federal laws that govern employee compensation.
Product highlights:
- Wage and hour defense and indemnity liability
- Coverage for violation of the Fair Labor Standards Act or similar state laws
- Insured controls defense of claims
- Coverage for independent contractors
- Policy applies to claims first reported to the insurer during the policy period.
- Offered through Bermuda and non-U.S. domiciled brokers
Coverage Amounts
Primary
- Maximum capacity: $5 million
- Minimum SIR: $500,000
- Minimum limit covered: $1 million
Excess
- Maximum capacity: $15 million
- Minimum policy deductible: Argo Insurance can attach from 1st excess
Appetite & Availability
Excluded classes
Temporary employment agencies
Additional Information
Information Required for Primary Indications**
- Wage and hour five-year litigation history
- Employee count, by state, including exempt and non-exempt split
**Underwriter may require additional information, including Argo application, prior to issuing a formal quotation.
