Product recall insurance is a unique policy that reimburses insureds for financial losses they confront because of evidence indicating a product has caused or would cause bodily injury or property damage (the insured event).
The risk of a product recall has increased exponentially in recent years. Global regulatory standards have increased in number and new product safety rules are implemented constantly. These developments are positive for consumers, but for companies they produce more stringent product quality obligations. This challenge is greater today than ever before, as supply chains are geographically widespread and manufacturing protocols and standards are not synchronized on a global basis.
Product recall insurance is a unique policy that reimburses insureds for financial losses they sustain when it is likely that its product may be recalled. The coverage “trigger” under a product recall policy for a food and beverage company, for instance, would be the knowledge that an accidentally or maliciously contaminated product could cause bodily injury were it consumed by the public. Even if the product results in a finding of no liability, the insured is reimbursed for certain financial costs related to the incident.
Why you should purchase product recall insurance:
– Product recall events happen almost every day
– Governmental oversight is stronger than ever
– The costs for a recall are prohibitive
– The common, mistaken belief that ‘it wont happen to our company’
– Product recall cover can be customized to fit your needs
Our years of experience in the UK insurance market enables us to advise on and arrange a broad variety of Insurances for companies in every sector. Our aim is to deliver the most appropriate and widest cover for your needs, at most competitive cost. We offer 24 hour claim services and have dedicated staff to fast track your claims to swift and satisfactory settlement. We offer a highly personalised and consistent level of service to our clients.