Relm Launches Employment Practices Cover for Capacity Demands

Relm Insurance, a Bermuda-based specialty insurance carrier, unveiled its Comprehensive Employment Practices offering, responding to industry demand to address capacity scarcity.

The enhancements of the new policy, payable in fiat or cryptocurrency, include:

• An expansion of third-party liability coverage to respond to claims alleging harassment or discrimination against any third party, not only prospective employees.
• Inclusion of wage and hour practices liability.
• The addition of first-party expenses to mitigate the impact of a workplace violence incident or employment practices liability (EPL) crisis, including PR, security, and other consultancy costs.
• The addition of loss mitigation expenses to mitigate an employment or third-party liability claim.

Wage and hour protection has become harder to insure as several insurance providers have ceased underwriting in recent years, Relm said, explaining that this has complicated companies’ ability to gain coverage in the US, where employee classification errors and lapses in minimum wage or overtime payments have resulted in costly settlements.

“Our ongoing success is predicated on identifying dislocations and providing prompt solutions,” said Joseph Ziolkowski, Relm CEO and founder, in a statement. “Through our agile approach, we were able to swiftly identify and support businesses requesting this coverage, boosting our industry reach and traction.”

Relm Insurance was launched in 2019 to support emerging industries that spur innovation and next generation technologies, aiming to address the scarcity of insurance capacity available to these nascent markets.

Source: Relm Insurance

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