It’s an awkward moment for any corporate brand, HNW individual or charity discovers the truth about a previous ambassador, advertising star or media event co-star further down the line. The activities of Savile, Huw Edwards, Captain Tom’s daugher and others are all examples where a time machine would come in handy for Marketing departments. Here’s the word from Rokstone on a new product that might be useful.
Rokstone, the International Speciality (Re)Insurance MGA, has announced the launch of Disgrace cover, its latest Contingency product. The solution, which additionally covers Death and Disablement, protects brands against the financial loss and reputational damage incurred when a disgraced celebrity can no longer be ‘the face’ of a brand, or be used for a marketing campaign to endorse or promote its products/services.
In today’s social media culture, the lives, views, and behaviour of celebrities have never been more visible or under greater scrutiny, posing a real threat to the businesses that do business with them. Rokstone provides highly responsive cover to a broad range of disgrace risks, allowing brands to recoup costs incurred when campaigns need to be withdrawn, commercials reshot, events cancelled, or brand reputations rebuilt.
Backed by A-rated capacity this niche cover provides up to £5million for each individual death, disgrace or disablement risk. In addition, Rokstone uniquely applies a proactive risk management driven approach including robust background checks, as well as social and adverse media screening, to ensure the highest levels of pricing accuracy. As with all of its Contingency products, Death, Disgrace and Disablement is data driven with same day turnaround of quotes and rapid claims handling.
Speaking about the launch David Boyle, Portfolio Manager for Contingency commented: “Rokstone Contingency continues to innovate in response to gaps in the market. Disgrace cover isn’t new, but it’s ripe for innovation, and that’s what we intend to do. Forget high premium, high exclusion, low-limit policies, and instead think innovative data and talent backed underwriting and cover that’s relevant in today fast-moving entertainment world.”
Likewise, Gavin Dollings, Chief Underwriting Officer for Rokstone Commercial said: “Doing business with celebrities can be both financially and reputationally costly, with numerous examples widely publicised across international and social media outlets. It’s a problem that’s not going to go away and yet it is an underserved area of the market. That’s about to change thanks to our industry experience and underwriting discipline.”
Rokstone is one of the world’s largest MGAs, with offices in the UK, Europe, USA, Asia, Africa and the Middle East. It is a leading specialist MGA serving the needs of international (re)insurance brokers in the specialty lines business. It currently underwrites more than USD 1bn GWP in several Specialty lines including Property, Power Generation, Marine, Aviation, Warranty, Credit & Surety Treaty, Agriculture, Construction & Engineering, A&H, Sports & Leisure, Liability and Contingency.
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