|Chartis Expands Umbrella Liability Solutions with Salary Reimbursement Coverage Enhancement|
NEW YORK – January 25, 2011 – Chartis today introduced a Salary Reimbursement Endorsement, developed by its Excess Casualty division as a supplementary benefit to its Commercial Umbrella insurance solutions. This coverage enhancement is designed to offset some of the uninsured costs employers incur when their employees are required to testify at trial or arbitration proceedings.
Specifically, the endorsement reimburses the insured for the pro rata base salary amount they pay to their employees for days in which employees miss work to:
There is no limit to the number of employees or proceedings covered under the endorsement and salary reimbursement is subject to a maximum aggregate limit of $10,000.
“When employees are required to testify in a legal proceeding, their absence results in lost productivity and potential revenue loss. Meanwhile, the employer bears the same operating expense,” said Christopher Kopser, President of Excess Casualty. “We are pleased to offer this coverage enhancement to help alleviate our clients of some of that financial responsibility and to ensure that the employees best suited to testify are made available to do so.”
The Salary Reimbursement Endorsement can be added to new or renewal Commercial Umbrella or Commercial Umbrella Liability policies at no additional cost. For more information on Chartis’ Salary Reimbursement coverage enhancement, please send an e-mail to email@example.com.
Chartis is a world leading property-casualty and general insurance organization serving more than 45 million clients in over 160 countries and jurisdictions. With a 90-year history, one of the industry’s most extensive ranges of products and services, deep claims expertise and excellent financial strength, Chartis enables its commercial and personal insurance clients alike to manage virtually any risk with confidence.