Rising Edge has announced the release of a new endorsement to its Employment Practices Liability Insurance (EPLI) policies.
The endorsement is designed to address potential exposures arising from proposed UK employment laws and the regulatory powers associated with the anticipated Fair Work Agency.
The company said that the changes in UK employment law are expected to introduce new risks for employers, prompting Rising Edge to adapt its policies. The insurer’s EPLI endorsement aims to ensure continued coverage for both existing and emerging liability exposures faced by UK businesses.
Philippe Gouraud (pictured above), CEO of Rising Edge, acknowledged the challenges posed by the evolving regulatory landscape.
“Some of these new rules are actually welcome, but equally they do bring new risks to employers,” Gouraud said. “To make sure our EPL policy fully responds to the new legal context, we are issuing an endorsement that affirms the coverage where needed, and introduces coverage expansion where required.”
Owen Dacey, head of claims at Rising Edge, highlighted the importance of contract clarity in managing potential claims arising from the new regulations.
“We felt it was important to reinforce contract certainty of our policies before these claims arise, and to reassure our clients that our policies will respond to these new risks,” Dacey said. “You would be surprised what a difference a few words can make at a time of a claim – and rather than waiting to look beyond words and rely on goodwill, we want to provide that contractual peace of mind to our clients.”
In September, the underwriting agency announced that it is acquiring managing general agent AMANIKI to expand its offerings to include transactional liability.
Established in April 2019, AMANIKI has offices in both Frankfurt and London. Under the deal, financial terms of which were not disclosed, managing director Niki Demirbilek will join the executive committee at Rising Edge.
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