Broker lines up London cover for reputational risk policy
US Broker DeWitt Stern has London underwriter lined up to launch reputational risk insurance to cover when celebrity endorsement goes wrong following the Tiger Woods scandal, the FT reports.
Scott Brady, DeWitt Stern's managing director, said the policy, to be launched early next year, would be like directors' and officers' (D&O) liability insurance.
The broker has been working on the product for six months. But the Woods story has added pressure.
Lifestyle questionnaire
DeWitt Stern would insist on individuals it covers undertaking a pre-screening process, including a questionnaire about their lifestyle, and would attempt to limit the losses from reputational damage with a "crisis communications strategy".
Willis said reputational risk was already part of some D&O policies.
