THIS IS A PRODUCT WE WHOLESALE THROUGH MARKETS IN LONDON
(IE. IT’S NOT OUR BINDER AND WE ARE NOT ACTING FOR THE INSURER)
The ability to settle valid claims quickly and fairly in a human way is central to our market’s business philosophy, and our claims handlers are empowered to exercise their professional judgement to deliver an exceptional customer service.
Please contact us in the first instance on any Product Recall claims matter.
Rough indicatives can be provided by our market off a liability proposal / slip or from simple turnover of sales by product type information.
* BROAD APPETITE
Our markets have a broad appetite across industry types, they typically avoid base food ingredients (e.g. flavourings) industrial building materials, oil and gas, pharmaceuticals, tires, trading risks, whole vehicle/chassis, baby/infant goods or anything with a marine or aviation applicability.
* COMPREHENSIVE BRAND AND REPUTATION PROTECTION
Following a well-publicised recall event, it is essential to protect your company’s brand and reputation. Often it will need to be entirely re-built for the product that was affected. That’s why our markets include cover for specialist crisis media management during and after the event, as well as advertising and promotional activity in the immediate aftermath.
* MALICIOUS PRODUCT TAMPERING AND EXTORTION
As standard, our markets policies provide cover for malicious tampering or alteration that gives rise to a product safety issue. In addition, cover is provided for extortion demands made as part of a threat to tamper with your products.
* SOFTWARE PRODUCT SAFETY
Technology is an increasingly important part of the product design and manufacturing process. That’s why they include cover for recall events arising from safety critical errors made during the production, programming or coding of software elements of an insured product.
* RECTIFICATION COVER
Following a recall event, their policy covers both premise and product rectification costs, including cleaning and recalibrating of buildings and equipment, salaries, product replacement, re-distribution, and much more. This is one of the most significant areas of cost when dealing with the aftermath of a product recall.
* BUSINESS INTERRUPTION COVER
Not only does the policy cover the costs associated with responding to a recall event, but they will also pay for the loss of future sales whilst the product remains unavailable for sale. Their policy typically covers a period of 12 months but can be tailored to specific circumstances.
* ANCILLARY PRODUCT RECALL COSTS
Any incident will incur a large variety of ancillary costs, such as those for an investigation, for storage, transport and labour and also for disposal and destruction of damaged goods. Their policy takes these costs into account and provides cover that is both comprehensive and extensive.
* WIDE RANGE OF ENDORSEMENTS AVAILABLE
We can also arrange a wide range of endorsements to tailor coverage for specific needs. Examples include Customer Business Interruption, Retailers’ Expenses, Specified Religious Product Treatment and Extended Business Interruption.
* PRE-INCIDENT CRISIS CONSULTANCY FUND
Their policy also includes a fund to pay for expert independent crisis consultants who provide a range of useful services designed to avoid and mitigate product recall incidents. For instance, the fund can be used for establishing a crisis plan, public relations training and crisis simulation training, to name just a few options available.