Innovation in Financial Products Knows No Bounds
Global insurance specialist Hiscox has announced the launch of a new liability insurance product for sexual misconduct, expanding its current range of civil liability products.
Protecting Against a Wide Range of Claims
The idea is simple: to offer protection against a broad spectrum of claims and liabilities related to inappropriate sexual conduct, harassment, or abuse towards employees. This product is aimed at large organizations worldwide, operating in diverse sectors such as healthcare, social services, leisure, and financial services.
Comprehensive Coverage
The coverage includes legal fees, damages, or settlements resulting from claims made during the insurance period. Clients will also benefit from the services of an international risk management consultancy, which will provide preventive assessments and post-incident support.
No License to Misbehave
However, this does not mean that the insured can behave as they please. The insurer evaluates the client organization's compliance and risk management rules. This analysis aims to identify potential gaps and provide recommendations. The client can then present these results as independent proof that their practices are in line with the insurer's requirements and risk tolerance, prior to coverage validation.
A Hefty Price Tag
It's worth noting that the cost of such coverage is extremely high. In high-risk environments, such as hospitals and educational institutions, premiums can reach six figures.
