[Nagot Gick Fel]

Originally posted by Teraswaerto:
Nope, no Lady of Fortune, but doesn't she only influence one province, and only to cause extra good events in addition to the events you get anyway? If so, she doesn't really protect against bad events.

There's a limit on the # of events you can get in a single turn. Since the LoF gives you an increased chance for a good event each turn, she effectively lowers the probability for bad events to occur.