Product recall coverage provides package of measures to ensure that the damage to businesses is minimised by enabling the company to respond swiftly to the need to take appropriate action.
What is it?
Product contamination insurance reimburses costs incurred to recall and replace a product in the market place with a safe one. It also provides expert assistance and advice during this process.
Whilst product liability insurance includes some protection, it does not always reimburse the insured for their own costs incurred to withdraw and replace a product. Product recalls are occurring more frequently and often receive media attention. A poorly handled product recall can have a catastrophic impact upon brand reputation, an organisation's assets and even their ability to continue trading.