Cover is designed for manufacturers and importers.
Product recalls are occurring more frequently and they often receive media attention which can have a major impact on your business reputation, assets and income.
Product Recall Insurance covers the expenses incurred in the recall or replacement of defective or dangerous products in the marketplace. Cover can include malicious tampering, product extortion and expert assistance and advice during the recall process.
The recall of a particular product can be either voluntary or government mandated. Whilst some product liability policies include limited protection, it does not usually cover all the below losses that can be incurred.
Product Recall Costs
Covers the cost incurred to inspect, withdraw or destroy any recalled products.
Third Party Recall Costs
Covers the reasonable and necessary costs incurred by the distributor, retailer or wholesaler to inspect, withdraw or destroy any recalled product.
Covers the cost to replace any productthat has been destroyed or is un-sellable or unfit for its original use.
Covers loss of earnings and extra expenses after a recall event.
Covers expenses incurred to re-establish the product to the projected level of sales or market share reasonably anticipated prior to the recall.
Covers extortion monies paid as a direct result of an actual or threatened product extortion.
Consultant & Advisory Costs
Covers the reasonable and necessary fees and costs of, security, public relations consultants or advisors, or other independent security, consultants or advisors for the purpose of responding to an event.
Covers legal costs and expenses, excluding wages, salaries or other remuneration, incurred in connection with any claim.
Find out what Austbrokers Countrywide can do for you.
For an obligation free insurance review, talk with one of our specialist brokers today to find out more.