Understanding This Benefit
In today’s technology-based world, where a firm’s full history can be viewed with the click of a button, a firm’s reputation can be its most valuable asset. Great American Design Professional’s Liability policy includes a valuable supplementary payment that assists in alleviating some financial burden when unforeseen events occur. Let’s break down what this entails and its significance.
What is Covered?
The Public Relations Crisis Expenses payment provides reimbursement in situations where a public relations crisis has occurred. These services must be provided by a professional public relations consulting firm and are aimed at managing and mitigating the impact of a public relations crisis.
Key Features of the Clause
1. Triggering Event:
The clause is activated when a public relations crisis first occurs and is reported to Great American during the policy period. This does not need to be the result of a claim and your deductible does not apply.
2. Claims Examples:
While a PR Crisis may seem unlikely, Design Professionals have had to navigate situations like:
o catastrophic failure of a building or bridge that they designed
o serious injury or death on a construction site
o other parties on a project being publicly accused of illegal or immoral actions
o bad reviews or customer complaints on websites or other public forums
3. Reimbursement Limits:
o Per Crisis/Aggregate: Great American Insurance Group (GAIG) will reimburse up to $10,000 for each individual public relations crisis and $30,000 for all incidents.
Importance of the Clause
o Reputation Management: In the event of a crisis, having access to professional public relations services can be crucial in managing the situation effectively & preserving the company’s reputation.
o Financial Relief: The clause provides financial support, helping ensure that your firm does not bear the full burden of the costs associated with crisis management.
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