AXA XL launches new Wage & Hour policy

AXA XL’s Bermuda Professional Lines Business has introduced the Bermudiana policy, a Wage & Hour (W&H) coverage designed for mid-sized US employers with up to 10,000 employees.

The policy addresses rising W&H litigation risks, including claims from single plaintiffs, class and collective actions, and mass arbitrations.

AXA XL  has provided W&H coverage to Fortune 500 companies and large employers for over a decade.

This new offering extends similar protection to mid-sized businesses, covering statutory wage claims, common law violations, penalties, and attorneys’ fees.

The policy has a $5 million limit with a minimum attachment of $1 million.

“W&H claim frequency and exposure is a growing risk for employers in all industries. Class and collective actions flood the legal landscape, with high certification rates achieved by the plaintiffs’ bar. Intricate and ever-changing W&H laws governing pay practices make compliance rife with pitfalls. Higher minimum wages, increased salary thresholds for exemptions under the U.S. Fair Labor Standards Act and expanded overtime protections, all point to increased risk and exposure to defend costly litigations.” – Michelle Bailey, Head of Professional, Bermuda.