New Coverages and Rating Information Help Insurers Address Growing Risks, Including Sexual Harassment
JERSEY CITY, N.J., November 13, 2018 - ISO has launched a new management liability insurance program to help insurers address the increasing risks faced by private companies, including sexual harassment. ISO is a Verisk (Nasdaq:VRSK) business and a leading provider of forms, rules, and rating information for the property/casualty insurance industry.
The program is designed to address the growth of private firms, which now account for more than 65 percent of all companies in the United States, according to the latest data from the U.S. Census Bureau. At the same time, the risks faced by company directors and officers continue to grow. Public scandals during the past year have encouraged many victims to report sexual harassment and other workplace infractions.
"Management liability insurance has traditionally been purchased by public companies," said Deborah Morris, senior vice president of ISO Commercial Lines. "But the leaders of private companies still face many of the same risks, including liability for mergers and acquisitions activity, regulatory investigations, derivative suits, discrimination, and sexual harassment. ISO's new management liability insurance program for private companies can help insurers serve this growing market and expand into new lines of business."
The program's proprietary rating model enables insurers to price worldwide coverage for private companies across several lines of business, including directors and officers, employment practices liability, and fiduciary liability. It also features a higher level of rating granularity, factoring in a wide range of classes and risk sizes for employment practices liability developed using the latest modeling techniques. There are also options to include coverages for crime as well as kidnap and ransom.
To learn more about ISO's new management protection liability program, visit verisk.com/privco.
About ISO
ISO, a Verisk (Nasdaq:VRSK) business, is a leading provider of advanced tools and analytics for the property/casualty insurance industry. Drawing on unique data assets and deep domain expertise, ISO products and services help insurers underwrite and price risks with greater precision and efficiency and manage claims more effectively across the spectrum of commercial and personal lines of insurance. For nearly 50 years, ISO has been a leader in developing innovative solutions and working with multiple stakeholders in the property/casualty insurance marketplace, including insurers, reinsurers, third-party administrators, agents and brokers, insurance regulators, and risk managers. For more information, please visit www.verisk.com/iso.
Contact:
Eboni Thomas
Edelman (for ISO)
212-642-7784
eboni.thomas@edelman.com