Liberty Mutual Insurance has announced that it has now broadened its new commercial lead umbrella policy form in order to include an endorsement for crisis management in the hopes to provide increased protection for mid-sized organizations against the significant harm that can come from a business crisis.
This new endorsement element provides customers with up to 72 hours in which to discover that a crisis has occurred, and then to make their claim, which includes coverage of up to $50,000 for Weber Shandwick support for crisis management.
Weber Shandwick, a public relations firm with international recognition, is known for its long history of assisting Fortune 500 businesses through efforts to sidestep the potential devastation of crises.
The endorsement by Liberty Mutual Insurance is a significant one because the majority of other insurers will only provide their policyholders with 24 hours in which to file their crisis event claims.
According to the chief underwriting officer for umbrella at the Commercial Markets strategic business unit at Liberty Mutual Insurance, Danya Kazakavich, “Our endorsement gives policyholders the flexibility to respond to the two broad types of crises faced by most mid-size companies: immediate and emerging.”
Kazakavich added that there are times when it isn’t immediately clear whether or not a circumstance truly is a crisis and if something needs to be done right away, requiring days to truly identify it. Equally, there are other times that a crisis is easily recognizable at first notice. She explained that by providing policyholders with the additional time for crisis identification, both types of crisis can be more effectively managed.
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