Berkshire Hathaway Specialty Insurance has introduced business crisis event cost coverage, which extends its casualty and healthcare lead umbrella policies to cover costs incurred to manage a business crisis, including the fees of a crisis management consulting firm.
The new coverage provides up to $100,000 to hire a crisis management consulting firm to advise the policyholder in managing adverse media coverage and public perceptions in the aftermath of a crisis event, such as a serious accident or explosion, an act of violence, or a contamination incident. The coverage also pays expenses required to provide immediate support to victims and their family members, including funeral expenses, psychological counseling, travel, and temporary living costs.
No claim under the underlying policy is required to trigger coverage. Limits are separate from the aggregate umbrella policy limit, with no deductible. Policyholders can use a crisis management consulting firm pre-approved by Berkshire Hathaway Specialty Insurance or one that they already have a relationship with prior to the event.
Berkshire Hathaway Specialty Insurance provides commercial property, casualty, healthcare professional liability, executive and professional lines insurance and programs for customers across the U.S. It underwrites on the paper of Berkshire Hathaway’s National Indemnity group of companies, Based in Boston, Berkshire Hathaway Specialty Insurance has regional underwriting offices in Atlanta, Chicago, Los Angeles and New York.