(PRWEB) May 22, 2013
IronPro, the U.S. professional and management liability unit of Ironshore Inc., has introduced an insurance program to provide the insured with coverage for crisis events that pose potential public image risks. The product, “Ironshore Crisis Shield,” provides insured’s with coverage for professional service expenses relating to the development of response strategies that will potentially mitigate adverse reputation consequences of certain specified risk events. CrisisShield is available by endorsement to IronPro insureds and covers pre-and post-crisis management event costs incurred by these services. Lanny J. Davis, former White House Special Counsel, and Mercedes Colwin, a managing partner for Gordon Rees, a national law firm, will deliver these professional services.
“Increasingly, executives face unprecedented risk exposures resulting from unforeseen events that threaten both the entity’s reputation and ongoing business operations,” said Greg Flood, President of IronPro. “Ironshore’s alignment with Lanny Davis, the Davis Legal Crisis Group, and Mercedes Colwin of Gordon & Rees offers insureds a valuable resource to anticipate and manage crisis events with proven strategic guidance and the extra security of attorney-client privilege.”
The Crisis Shield endorsement specifies conditions and circumstances that trigger c overage for pre-and post-event crises, which potentially could result in reputational harm, brand damage and economic loss. Response costs are covered for a range of crisis occurrences, including executive misconduct, employment practices, bankruptcy, and cyber threats, among others.
“The best approach for managing reputational risk and brand damage related to a corporate crisis is to assess the facts and develop a strategy, with the benefit of attorney-client privilege; to contain adverse implications both before and after the incident becomes public,” stated Mr. Davis. “We welcome the opportunity in helping IronPro insured clients minimize the extent of damage resulting from a crisis by managing media controversy and minimizing reputational harm.”
“It is important to have a crisis management plan to handle controversies and a protocol to ensure communications are protected by the attorney-client privilege. The challenges companies face when it comes to protecting their brands and reputation are ever-present. Ironshore is invaluable for helping manage these real world crises,” Ms. Colwin said.
Ironshore provides broker-sourced specialty property insurance, U.S. property insurance and casualty coverage for varying risks on a global basis through its multiple international platforms. The Ironshore group of insurance companies is rated A- (Excellent) by A.M. Best with a Financial Size Category of Class XIII. Ironshore’s Pembroke Syndicate 4000 operates within Lloyd’s where the market rating is A (Excellent) by A.M. Best and A+ (Strong) from both Standard & Poor’s and Fitch. For more information, please visit http://www.ironshore.com.