Aon launches extended restaurant brand protection policy
LONDON - Because restaurants can either thrive or perish purely based on their reputation, Aon Risk Solutions, the global risk management business of Aon Corporation (NYSE:AON), has developed an insurance policy that provides a greater level of protection than has previously been available from the insurance market to protect against these risks.
Traditional restaurant protection policies provide insurance cover for restaurant franchisors and chains if national, regional or online media report an actual or alleged case of food contamination or tampering. The Aon product, however, provides this traditional protection, as well as offering cover for ‘public health scares’ that may occur.
Aon’s Restaurant Contamination Insurance provides cover even in the absence of an alleged or actual contamination or tampering. For example, if an article appears in the media suggesting the ingredients in a chain or franchise’s food are not healthy for consumers and could lead to health problems.
The policy is designed to provide financial payments to cover loss of profit or to mount a counter-PR and marketing campaign in such circumstances.
Similarly, should any violence, hostage or hijack situation occur at the restaurant involving either staff or customers, Aon’s Restaurant Contamination Insurance can also provide compensation for loss of profits and media relations costs under its exclusive Insured Security Crisis endorsement.
The policy also provides pre-incident planning to determine the risks a company faces and develop detailed crisis management plans to ensure companies can swiftly react to incidents and reassure stakeholders of their commitment to rectifying safety standards and minimising consumers’ exposure to contaminated products should a contamination occur.
Christof Bentele, global managing director of Aon’s product recall and contamination team, commented: “There are very few industries where reputation is as vital as the restaurant industry. Businesses operating in this industry and in a world where news can spread across the globe almost instantaneously are telling us that they are looking for a way to protect their brand, which they rely upon in a crowded market. While it is not yet possible to insure the intangible value of a brand, Restaurant Contamination Insurance gives chains and franchises the assurance that if a contamination does occur they have the plans in place to deal with it from a risk management perspective, and the funds available to fight any media attention that may ensue.
“Restaurant Contamination Insurance is the latest innovation from Aon’s product recall and contamination team, developed after extensive consultation with clients and industry, and the next 12 months will see further developments in this field.”
Aon Corporation (NYSE:AON) is the leading global provider of risk management services, insurance and reinsurance brokerage, and human resource consulting and outsourcing. Through its more than 59,000 colleagues worldwide, Aon unites to deliver distinctive client value via innovative and effective risk management and workforce productivity solutions. Aon’s industry-leading global resources and technical expertise are delivered locally in over 120 countries. Named the world’s best broker by Euromoney magazine’s 2008, 2009 and 2010 Insurance Survey, Aon also ranked highest on Business Insurance’s listing of the world’s insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues in 2008 and 2009. A.M. Best deemed Aon the number one insurance broker based on revenues in 2007, 2008 and 2009, and Aon was voted best insurance intermediary 2007-2010, best reinsurance intermediary 2006-2010, best captives manager 2009-2010, and best employee benefits consulting firm 2007-2009 by the readers of Business Insurance. Visit http://www.aon.com for more information on Aon and http://www.aon.com/unitedin2010 to learn about Aon’s global partnership and shirt sponsorship with Manchester United.
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