A new insurance policy is to be offered to some of the world’ largest companies to help them cover the cost of a reputational damage.

Aon and Zurich Financial Services have joined up with WPP, the world’s biggest advertising company, to offer global firms insurance policies that would pay out to help pay for the advertising, lobbying and public relations needed to repair corporate reputation.

According to a report in the FT, the policy will pay out up to $100 million for an annual premium of about $5 million.

BP is thought to have spent in the region of $300m on advertising, lobbying and PR following the Deepwater Horizon disaster while Accenture faced significant expense in recreating all its advertising materials after it ceased its sponsorship of Tiger Woods.

Aon, WPP and Zurich launched their $100 million brand restoration cover last week and are initially focusing sales efforts on about 30 of the world’s biggest companies that are already clients of Aon and WPP, claims the FT. However, the policy could be offered more widely in the future.

This is thought to be the first time an insurer has brought a media company into a policy and offered such a large policy limit.