Endorsement Encourages Early Notification of EEOC Charges
WARREN, NJ, February 5, 2007-The Chubb Group of Insurance Companies has introduced an Early Claim Reporting Incentive Endorsement
for employment practices liability (EPL) policies. The first of its kind, this optional endorsement provides customers who
notify Chubb within 15 business days of an employment claim, including administrative charges filed with the Equal Employment
Opportunity Commission (EEOC), with a 10 percent reduction (up to $50,000) in their deductible. The reduction is available
for each claim reported during the policy period.
"Almost 80,000 charges are filed with the EEOC annually; some EPL policyholders may not realize that each of these charges
is an employment practices liability claim," said Catherine Padalino, worldwide EPL product manager for Chubb Specialty Insurance.
"If a company fails to report an EEOC charge in a timely manner as dictated by its insurance policy, the insurer may deny
the claim due to late notification. We share our customers' frustration with this marketplace phenomenon. By encouraging early
reporting of claims, Chubb not only helps eliminate that problem, but we also can save our customers money as well as help
them mitigate potential litigation costs and reputational damage."
Chubb's Early Claim Reporting Incentive Endorsement is available to all EPL customers except those that are subject to claim-reporting
thresholds.
The member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property
and casualty insurance for personal and commercial customers worldwide through 8,000 independent agents and brokers. Chubb's
global network includes branches and affiliates in North America, Europe, Latin America, Asia and Australia.
|
