ICMIF Supporting Member Berkley Re Solutions, a Berkley Company, has introduced Workplace Violence Protection, a new innovative reinsured turn-key solution to help insurance carriers immediately respond to tragic events affecting their insureds.
According to the Occupational Safety and Health Administration (OSHA), some two million American workers reported having been victims of workplace violence, and according to the Society for Human Resource Management, one in seven employees feel unsafe at work. Too often, a business is not prepared to handle the emotional and financial costs of such an event.
Berkley Re Solutions has created a host of specific coverages and services that help organisations prepare for, respond to and recover from a workplace violence tragedy. As part of its development efforts, Berkley Re Solutions has partnered with experts in areas such as crisis management and mental health counselling.
“Collaborating with our carrier partners was critical in the development of this solution. They helped us focus on the breadth and depth of needed coverage and services,” said Greg Douglas, President, Berkley Re Solutions. “Accordingly, our programme can be tailored with specific coverages and various price points. We’re thankful to the insurers who helped us design this flexible service and coverage offering. By using this collaborative approach, we’re able to offer this turnkey reinsurance programme that helps with this unfortunate but very real concern in today’s society.”
Berkley Re Solutions will offer 100% reinsurance protection or welcome carrier partners to share in the risk immediately or over-time. “Having this transparent quota share flexibility in a reinsurance partner is important to carriers as they explore how to bring important solutions to their customers. Workplace violence is a tragic reality in our society and our clients can now more easily help their insureds during those times of need,” says Bill Seefried, Senior Vice President and Chief Underwriting Officer.
According to Christopher Ellis, Senior Vice President and Chief Marketing Officer, “We’ve done the extensive research, product design work and have carefully chosen service partners; this reinsured program is ready immediately for carrier implementation. Agents are asking for this coverage now because few options exist via their existing insurers. Workplace violence coverage is yet another way that insurers can deliver valuable and timely solutions to their policyholders.”
