Posted on 06 Apr 2011
Travelers has announced a new crisis management expenses endorsement for commercial umbrella policies to help mitigate the negative publicity generated by a crisis event. The Travelers endorsement has an aggregate limit for all crises combined that will pay up to $50,000* for expenses incurred for retaining a public relations/crisis management consulting firm or planning and executing a public relations campaign.
"In the event that a crisis could result in one or more liability claims reaching your umbrella policy, Travelers' Crisis Management Services Expenses Endorsement can help," said Michael Klein, President of Travelers Middle Market. "This endorsement provides coverage to qualified insureds to help protect their business and its single greatest asset - its reputation."
Key features of the Travelers Crisis Management Services Expenses Endorsement include:
• Choice of crisis communications firm. Unlike other carriers, Travelers does not dictate which firms can be used.
• Coverage for the duration of a crisis. Once activated, the endorsement will cover expenses until Travelers determines that the crisis is over or until the limit is exhausted - whichever occurs first.
The endorsement limit is not a sublimit to any of the other policy limits - but rather applies in addition to other limits. This coverage will be immediately available on an admitted basis in 43 states, and is expected to be available in most other states in 2011.
Knowing that no two industries are the same, Travelers offers an endless combination of tailored commercial insurance products, services and specialized expertise for hundreds of industries. Travelers Crisis Management Expenses Endorsement is yet another example of Travelers' broad insurance protection that's far-reaching, flexible and focused, all found in one place.
* A different limit may be available for Travelers Excess Casualty customers.