AXA XL's Bermuda Professional Lines Business Launches New Wage & Hour Policy

Hamilton, Bermuda - January 16, 2025

AXA XL's Bermuda Professional Lines Business has launched a new Wage & Hour ("W&H") policy to help mid-sized employers in the U.S. manage rapidly escalating risks.

The Bermudiana policy, named after the location of AXA XL's office in Bermuda, offers a full range of indemnity and defence W&H coverage to help mid-sized employers, with a maximum of 10,000 employees, respond to claims by single plaintiffs, class and collective actions, and mass arbitrations.

Michelle Bailey, Head of Professional, Bermuda, said: "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."

"This policy provides a solution for mid-sized employers that currently is not offered in the Bermuda market,'' she noted, adding that AXA XL has been providing comprehensive industry-leading W&H coverage to Fortune 500 companies and other large employers (with more than 10,000 employees) for more than a decade.

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

The policy features:

• Full W&H coverage that not only includes broadly defined statutory wage claims, but also common law violations.
• Coverage for statutory damages, earned wages, restitutionary damages, liquidated damages, penalties, and attorneys' fees.
• New W&H perils addressing new laws and new risks emerging from the amorphous modern workplace.
• Covers claims by employees, independent contractors, and the government, including the U.S. Department of Labor
• All the benefits of 'claims-reported' coverage, including threshold and bordereau reporting.
• Insureds select their own counsel.

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ABOUT AXA XL
AXA XL provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com.

ABOUT AXA XL INSURANCE
AXA XL Insurance offers property, casualty, professional, financial lines and specialty insurance solutions to mid-sized companies through to large multinationals globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com.

The information contained herein is intended for informational purposes only. Insurance coverage in any particular case will depend upon the type of policy in effect, the terms, conditions, and exclusions in any such policy, and the facts of each unique situation. No representation is made that any specific insurance coverage would apply in the circumstances outlined herein. Please refer to the individual policy forms for specific coverage details. Coverages not available in all jurisdictions.