A reputational crisis can deal a devastating blow to customer confidence. And the acceleration and amplification of bad news through social media demands an urgent and coordinated response because reputational damage can be inflicted faster than ever before.
Beazley’s reputational risk solution, offered through the Custodian Consortium at Lloyd’s, addresses the entire life cycle of a crisis. As soon as you notify us of an event that could damage your reputation, we will provide up to $250,000 in crisis management expertise to help you manage the problem. If the crisis deepens, seriously impacting your business, we will provide substantial coverage for loss of profits, including a $1 million sublimit for advice on reputation remediation.
In the event of a claim, the time and expense of a loss adjustor can usually be avoided because the revenue drop that triggers coverage will have been agreed up front in line with your requirements.
- Pre loss crisis sublimit of $250,000 to mitigate potential reputational harm
- Call the hotline to speak with a claims manager to ensure the event is a covered peril. Your claims manager coordinates the services for you and connects you with one of our expert crisis management providers.
- Covers necessary costs to manage a reputational crisis.
- Business interruption (BI)
- All risks with some exclusions. BI is trigged by a drop in revenue.
- Pre-determined allocation at the policy inception ensures speed of payment as there is no need for a loss adjustor. (see box below)
How a reputation-related BI loss is calculated
|(Actual revenues – expected revenues) x profit margin x pre-determined (revenue drop) allocation
- $1 million sublimit for additional crisis costs such a reputational restoration
- Coverage for costs incurred once the pre loss sublimit is exhausted and only after BI trigger is reached.
US domiciled companies
Available for all sized businesses, specifically targeting companies up to $5 billion in revenue
Crises deriving from cyber, product recall, fraud/intentional criminal acts, corporate strategic decisions, systemic and macro-economic declines
Reputational Risk team
Reputational Risk forms
The descriptions contained on this webpage are for preliminary informational purposes only. Coverages are underwritten by Beazley syndicates at Lloyd’s and will vary depending on individual country law requirements and may be unavailable in some countries. Coverages are available in the US only on a surplus lines basis through licensed surplus lines brokers. The exact coverage afforded by the product(s) described in this communication is subject to and governed by the terms and conditions of each policy issued. The publication and delivery of the information contained herein is not intended as a solicitation for the purchase of insurance on any US risk.