This suite of products is aimed at a wide range of industries, including food and beverage, nutraceuticals, automotive components, consumer products, non-invasive medical devices and more. Our recall policies stand out as they provide cover for a number of recall situations including errors by contract manufacturers and product guarantee. Uniquely, we also include cyber product tamper and software product safety – an increasingly important area of risk given the emergence of the “internet of things”.
Malicious product tampering and extortion
As standard, our 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.
Cyber product safety
Technology is an increasingly important part of the product design and manufacturing process. That’s why we include cover for recall events arising from safety critical errors made during the production, programming or coding of software elements of an insured product.
Following a recall event, our 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 our policy cover the costs associated with responding to a recall event, but we will also pay for the loss of future sales whilst the product remains unavailable for sale. Our 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 labor and also for disposal and destruction of damaged goods. Our policy takes these costs into account and provides cover that is both comprehensive and extensive.
Comprehensive brand and reputation protection
Following a well-publicized 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 we include cover for specialist crisis media management during and after the event, as well as advertising and promotional activity in the immediate aftermath.
Wide range of endorsements available
We can also offer 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
Our 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.