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In an effort to help their business clients weather crisis situations, Fireman’s Fund has created a new line of crisis management products, which coverage will be available to certain clients with commercial umbrella policies.
The specific coverage includes a crisis management response costs endorsement, which provides a sub-limit of $250,000 for response costs to a company wide crisis, no matter who is deemed to be at fault. Such costs include funeral expenses, medical expenses, psychological counseling, security expenses, travel expenses, and temporary living expenses. In addition there is a loss coverage element of the product which provides $50,000 over the written policy limit in order to cover fees and expenses incurred by a public relations or crisis management firm, as well as any costs for the printing, mailing, or advertising of material, and any required travel.
What’s an example of a covered crisis? An airline, for example, could use such a policy to help reclaim their brand after a plane crash.
Clients purchasing property coverage or umbrella policies from Fireman’s Fund are eligible to purchase the crisis management coverage.