Liberty Mutual Insurance has added a crisis management endorsement to its new commercial lead umbrella policy form to help protect mid-sized companies.
The endorsement offers policyholders up to 72 hours to identify a crisis and file a claim to receive up to $50,000 in crisis management assistance from Weber Shandwick. The PR agency has offices in 74 countries and extensive experience in digital/social media, advocacy advertising market research and corporate responsibility.
Liberty Mutual believes this time frame will help its policy stand out, as many policies only give companies 24 hours to file a claim for crisis management service.
“Sometimes a situation is clearly a crisis that needs immediate action,” said Danya Kazakavich, chief underwriting officer for umbrella at Liberty Mutual Insurance’s Commercial Markets strategic business unit. “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.”
Up to $250,000 of additional crisis management coverage is also available as part of the Boston-based carrier’s lead umbrella policy.
In December 2010, Liberty Mutual Insurance launched its new customized umbrella form that allowed key coverages such as automobile, liquor and employers’ liability to automatically follow the primary policy.
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