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Insurance Terms
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General Terms All-line Dividend Plan – rewards eligible organizations for actively managing exposures and exercising proactive loss prevention and safety practices. American with Disabilities Act of 1990 – This law prohibits employee discrimination against persons with disabilities. In addition, once an employee or prospective employee claims such a disability, the employer has the duty to responsibly accommodate to the job for which he or she is qualified. As a reasonable accommodation is not defined in the statute or by administrative regulations, it is left to a case-by-case determination. The complainant must first file a charge with the EEOC. Benefit as Damages – Some insurance companies exclude from the definition of loss or damages those benefits, which an employee may have received in the absence of wrongful termination. This type of exclusion is quite distinct from the exclusion of claims based on allegations of ERISA violations. It excludes from the payment of compensatory damages what is sometimes a rather large element of that form of damages. Insureds should consider the impact of this limitation on such an important element of damages. Breach of Contract – Some wrongful termination claims are predicated on breach of contract of breach of an implied contract of continuous employment. An employment manual which does not adequately disclaim its status as a contract if frequently found to embody the terms and conditions of an employment relationship, the breach of which can result in the assessment of damages. Class Actions – A suit on behalf of a group of plaintiffs, as defined by either sex, race, religion, or time of employment. Combination Safe Depository – Covers losses to a customer’s property due to loss or damage from actual or attempted burglary or robbery. Commercial Auto – Protects organizations against potential liability arising from vehicles that are owned, rented, or leased. Commercial Catastrophe Liability – Provides coverage to help lessen the impact of catastrophes. Commercial Crime Policy – (also referred to as infidelity binds or dishonesty insurance) helps compensate an employer for loss of money or other property caused by a dishonest act of its bonded employees. Commercial Crime Select Policy – Helps compensate larger organizations for losses of money or other property caused by the dishonest act of their bonded employees. Computer Crime Policy – Provides coverage for losses resulting directly from a fraudulent entry or change of electronic data or computer program within an institution’s systems. Deceit, Misrepresentation or Fraud – A discharged employee accuses the employer of having made false promises regarding terms and conditions of his or her employment. Defamation – The release of inaccurate, misleading or occasionally even truthful information about an employee or former employee may lead to a suit for defamation. Investigation of sexual harassment charges can lead to a claim of defamation, especially if an employee is terminated but maintains his innocence nonetheless. Employers rarely lose these suits but they can be expensive to defend. Directors and Office Liability Policy – Protects the personal assets of directors and officers against losses stemming from claims made by third parties alleging wrongful acts in the performance of their duties. Dividend Programs – Both the All Lines Property, Casualty, and Workers Compensation Dividend Programs could reward clients for the actively managing their exposures and exercising proactive safety practices. Downsizing – Several policies exclude coverage if the insured suddenly downsizes. All of these exclusions are very broad and can be quite problematic. Since they all involve some kind of arbitrary threshold, they are bound to produce bitter litigation with policyholders.
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CONTACT US:Toll Free 866.872.4512 FAX 847.872.0678 Email [email protected] Pitcher Insurance Brokerage, Inc. 2200 SHERIDAN ROAD ZION, IL 60099 |
