Chartis Introduces Crisis Management Tool: CrisisResponseXS

Chartis has introduced CrisisResponseXS, a coverage that allows companies to act swiftly to mitigate losses and prevent reputational damage in the event of a crisis management event. Developed by Chartis’ Cat Excess Liability Division, CrisisResponseXS is provided to clients whenever CrisisResponse is included in the lead umbrella policy issued by a Chartis insurer.

Crisis ResponseXS provides immediate access to funds to expedite recovery in the event of a potentially catastrophic casualty loss. It provides up to $250,000 in additional limits outside of the policy limits and in excess of the CrisisResponse limits provided in the lead umbrella. It can help pay crisis management costs that would be covered under the lead umbrella and may include temporary living, travel, psychological counseling, medical and funeral expenses. Insureds also receive access to a 24-hour, toll-free crisis hotline.

“When a crisis strikes, CrisisResponseXS provides insureds immediate access to funds and the professional support needed to expedite recovery in the event of a potentially catastrophic casualty loss,” said Jeremy Johnson, president of Cat Excess Liability.

A product recall enhancement is also available that expands coverage to include expenses incurred by the recall, inspection or disposal of a product that results in a crisis management event.

Source: Chartis