Product recalls can be a complex and expensive business. A
fast and effective recall gives a company the valuable opportunity to
reinforce their commitment to safety, quality and service. In contrast
a badly managed recall can lead to adverse publicity and brand damage.
Our philosophy is to offer access to traditional insurance with
best-in-class consulting services on a pre-incident and response basis.
• Protects your balance sheet and brand name in case of a product recall
• Gives you the ability to customize and tailor coverage to protect you from the risks that are most applicable to your business
•
Has some of the most experienced underwriters in the product recall
industry with in-depth knowledge of the US and international markets
Highlights of Coverage:
• Basic policy covers product recall costs and consultant costs (unlimited and no SIR applies)
• Customized approach allows policyholders to select "add-on"
coverages such as Loss of Profit, Replacement Costs, Rehabilitation
Expenses, Customer Loss of Gross Profit, and many more
• Access to consultants via a 24/7 emergency hotline
• 10% of net premium offered to policyholder annually to cover loss mitigation costs
Target Risks:
• Consumable products include food & beverage companies,
cosmetics, tobacco, pharmaceutical and pet food (excl. animal feed). The
target risks can be a supplier of ingredients, co-packer, processor,
manufacturer, bottler, importer, distributor, packager, wholesaler, etc.
• Consumer Goods & Products are finished products in the areas of
appliances, clothing, electronic/electrical, furniture, household,
children's products, outdoor, sports/exercise, etc. The risk can be a
manufacturer, importer, distributor, wholesaler, retailer, etc.
• Supplier & Component Parts are manufacturers, distributors,
importers, exporters and wholesalers of components for the general
manufacturing and automotive industry. For the automotive industry, Tier
1 – 4 suppliers only would be considered.
• Restaurant targets are local and regional restaurant chains
including franchisees. National chains will only be considered on a high
excess layer.