Bad things can happen to a law firm that are not malpractice. If not addressed promptly could possibly end or damage the reputation of a firm or one of its attorneys. ISME Crisis Event Coverage may help to address these issues. The actual coverage provided is in the Extensions of Coverage policy section. Notice of a Crisis Event shall be deemed a Notice of Potential Claim. Not all insurers provide a similar coverage.
Crisis Event Coverage
K. Crisis Event Extension
The Insurer will reimburse the Named Insured up to $20,000 for Crisis Event Expenses that result from a Crisis Event first occurring during the Policy Period and reported to the Insurer during the Policy Period. Any such notice the Insured gives the Insurer pursuant to Section VI., General Condition A.2., shall be deemed notice of a potential Claim. Any payments made regarding such event will be in addition to the Limit of Liability and are not subject to the Deductible.
Crisis Event Definitions:
C. Crisis Event means:
1. death, departure or debilitating illness of a principal Insured;
2. dissolution of the Named Insured; or
3. incident of workplace violence;
that the Named Insured reasonably believes will have a material adverse effect upon the Named Insured’s reputation.
D. Crisis Event Expenses mean reasonable fees, costs and expenses incurred by the Named Insured for consulting services provided by a public relations firm to the Named Insured in response to a Crisis Event.
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Lee Norcross, MBA, CPCU
California License # 0D87292
L Squared Insurance Agency, LLC ® DBA in California as
L2 L Squared Insurance Agency, License # 0L93416
Managing Director, CEO
(616) 940-1101 Ext. 7080