Bermuda-based Ironshore Specialty Casualty’s Construction unit announced that it will “offer coverage enhancements through Crisis ThreeSixty,” which it described as an “an optional policy endorsement that provides up to $50,000, on a first-dollar-basis for expenses, such as psychological counseling fees, medical, funeral, temporary living or travel expense.
“In addition, coverage will provide for up to $50,000 for fees or expenses incurred from a crisis management firm, in each such case upon the occurrence of a confirmed crisis management event. Crisis ThreeSixty coverage limits would be above primary coverage policy limits.”
The announcement also explained that as “part of the enhanced coverage available through Crisis ThreeSixty, policyholders also will be entitled to a complimentary pre-crisis consultation, including a customized assessment of a policyholder’s organization, and immediate access to a crisis communication expert in the event of a perilous incident.”
Ironshore said its “Crisis ThreeSixty is a stand-alone policy endorsement available on a wrap and/or project-specific basis for a range of construction risks designed to address catastrophic incidents, including man-made structural disasters, worker injury, fatalities, and resultant site area contamination.
“Ironshore Specialty Casualty’s Construction unit underwrites general liability, umbrella and excess coverage for residential and commercial general contractors, subcontractors and construction-related businesses.”
Ben Beauvais, Executive VP-Construction noted: “Crisis preparedness increasingly has become an essential risk management strategy for assessing and responding to potential devastating events that can impact the client’s reputational and financial exposure. By broadening program coverage with Crisis ThreeSixty, Ironshore can help clients manage the repercussions of an unexpected construction site disaster to contain situational outcome and minimize loss.”
Source: Ironshore Specialty Casualty
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