Chartis has launched CrisisResponseXS, a new coverage developed by the company’s Cat Excess Liability division, which will allow companies to mitigate losses and prevent reputational damage in an event of crisis management event.

According to Chartis, CrisisResponseXS is provided to clients whenever CrisisResponse is included in a lead umbrella policy issued by its insurer. The new coverage provides immediate access to funds to expedite recovery in an event of catastrophic casualty loss.

In addition, CrisisResponseXS provides up to $250,000 in additional limits outside of the policy limits and in excess of CrisisResponse limits provided in lead umbrella. It can help pay crisis management costs that would be covered under lead umbrella and may include temporary living, travel, psychological counseling, medical and funeral expenses.

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

Jeremy Johnson, president of Cat Excess Liability, said: 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.