Washington, D.C. (June 10, 2010) -- ULLICO Casualty Group, Inc.* (“ULLICO Casualty”) is proud to announce higher coverage limits to its Individual Labor Leader (“ILL”) endorsement on its Union Liability policy. Maximum individual coverage limits increased from $100,000 to $250,000. This recent expansion of coverage demonstrates the Company’s commitment to providing risk solutions to its labor affinity market.
In the mid 1980s, when ULLICO Casualty introduced its ILL endorsement, the maximum individual coverage limit of $100,000 effectively paid for the average cost of the legal defense of policyholders. Over a period of twenty-five years, our nation experienced a consistent rise in overall legal fees, greatly impacting defense costs.
“We live in a very litigious society. With the steady rise of defense costs, today’s labor leaders could be risking their personal financial integrity if their legal expenses surpass their policies’ coverage limits,” says Daniel Aronowitz, President of ULLICO Casualty. “As a leading provider of Union Liability insurance, we are responding to this concern with expanded coverage limits to protect our policyholders.”
The Union Liability base policy provides coverage for the exposures unions and their leaders face such as employment practices liability, duty of fair representation, personal injury and financial management of the union. The ILL endorsement on the Union Liability policy offers additional protection when unions cannot fund the defense for allegations against their leaders due to the Landrum-Griffin Act, also known as the Labor Management Reporting and Disclosure Act (“LMRDA”).
The LMRDA allows for lawsuits against individual union leaders for allegations of intentional acts such as personal profit, fraud or conflict of interest. Many courts interpreting the LMRDA have prohibited unions from funding any legal defense costs until the union leaders are found innocent of these charges. The accused union leaders are held personally responsible for the costs of their defense.
For over twenty-five years, ULLICO Casualty has offered consistent and reliable insurance coverage specifically for Labor related risks. “We understand the current challenges unions and their leaders face every day because of our historical commitment to and knowledge of the labor market,” says Aronowitz. “As a result, our Company is uniquely qualified to offer Union Liability insurance with expanded ILL coverage so union leaders can perform their jobs adequately without worrying about their personal financial well-being.”
The ILL endorsement is purchased with the Union Liability insurance base policy. Coverage limits range from $25,000 to $250,000 for an annual premium cost of $25 to $150 per individual leader electing coverage.
For further information about Union Liability insurance and the ILL endorsement, please visit www.ullico.com/casualty [1] or call toll free: 888.315.3352.
About ULLICO Inc.
ULLICO Inc. is a $5.5 billion insurance and financial services holding company whose subsidiary companies include The Union Labor Life Insurance Company; ULLICO Investment Advisors, Inc.; ULLICO Investment Company; ULLICO Casualty Company; and ULLICO Casualty Group, Inc.
ULLICO has proudly served the union workplace for more than eighty years. Through its family of companies, it offers specialty insurance and investment products to its single most important client, the American labor movement. For additional information, visit www.ullico.com [2].
* ULLICO Casualty Group Inc. in CA, ULLICO Insurance Agency Inc. Lic# 0E16939, in NY, ULLICO Casualty Agency. Products may not be available in all states.
CONTACT:
Bina Handa
Manager
Communications & PR
202.682.6611
bhanda@ullico.com [3]
John O'Brien
Vice President
Marketing
202.962.2980
jobrien@ullico.com [4]
