Bermuda-based Ironshore Inc. has launched a new service that will provide companies with coverage for crisis situations that pose potential public-image risks.

The product, “Ironshore CrisisShield,” will be provided through the insurer’s US professional and management liability unit, IronPro, and is available by endorsement to IronPro insureds and covers pre- and post- crisis management event costs incurred.

Ironshore said it has partnered with former White House special counsel Lanny J. Davis, and Mercedes Colwin, a managing partner for law firm Gordon Rees L.L.P., to deliver CrisisShield.

According to Ironshore, the service provides policyholders with coverage for expenses relating to “the development of response strategies that will potentially mitigate adverse reputation consequences of certain specified risk events.”

“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 insured’s a valuable resource to anticipate and manage crisis events with proven strategic guidance and the extra security of attorney-client privilege.”

The CrisisShield endorsement specifies conditions and circumstances that trigger coverage 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 minimise the extent of damage resulting from a crisis by managing media controversy and minimising reputational harm.”