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BOSTON—Liberty Mutual Insurance Co. has launched a crisis management endorsement that would help firms pay for public relations support when disaster strikes.
The endorsement, which is being offered in conjunction with its commercial lead umbrella policy form, pays up to $50,000 in public relations support from New York-based PR firm Weber Shandwick.
The coverage allows insured businesses up to 72 hours from the onset of the crisis to file a claim, whereas many crisis management policies require notification within 24 hours, Boston-based Liberty Mutual said Tuesday.
“Our endorsement gives policyholders the flexibility to respond to the two broad types of crises faced by most midsize companies: immediate and emerging,” Danya Kazakavich, a chief underwriting officer at Liberty Mutual, said in a statement. “Sometimes a situation is clearly a crisis that needs immediate action. Other times it can take days for a situation to rise to the level of a full-blown crisis. Giving policyholders 72 hours to identify a crisis and file a claim lets them effectively manage both types.”
While the policy’s standard limit is $50,000, additional coverage up to $250,000 is available, Liberty Mutual said.
The crisis management endorsement marks the latest addition to the stable of products available under Liberty Mutual’s commercial lead umbrella policy for small and midsize businesses, which it rolled out in December 2010.