Product Recall Insurance is designed to reimburse a business for costs incurred to recall and replace a product in the marketplace with a safe one. Our packages allow for a client to access our specialist Risk Management team during a recall emergency to properly assess the situation and deliver responsible outcomes for shareholders and customers.
A poorly handled product recall can generate negative feedback from traditional media and social channels, which can immediately impact brand reputation, on assets and even an ability to continue trading. Product Recall Insurance can cover defects across a raft of industry sectors, including manufacturing, design, food and beverage processing, cosmetics, toy components, pharmaceuticals and much more.
Cover is on a ‘claims made’ basis and can include:
- Pre-incident Expenses
- Recall costs
- Component Recall Costs
- Replacement Costs
- Business Interruption
- Extortion and consultancy expenses
Our in-house Claims team with work with you in the event of a crisis and offer a 24-hour hotline to help facilitate urgent requests.
A poorly handled product recall can have a catastrophic impact upon your brand and organisation, don’t risk your reputation. Speak with a Product Recall specialist today to discuss cover and the risk management services available to you.