CFC introduces ground-breaking enhancements to product recall suite
We've given a significant upgrade to our product recall suite to create a market-leading solution for brokers and their clients.
In what is a first in the insurance market, CFC’s new extensions include Regulatory Advisory coverage (US only) which addresses head on the emerging need for coverage in the recall market for outbreaks and public health warnings. Given the upward trend in investigations, CFC’s solution plugs the gap for health scares and ‘do not consume’ type consumer advice from official bodies and regulatory authorities, providing businesses with a much needed lifeline to what is an increasing threat.
The risk environment is constantly evolving, creating previously unforeseen new exposures for the insurance industry to address. By extending the triggers and breadth of our product recall suite to address the real-world needs of our clients, CFC is delivering a market-leading solution that provides comprehensive cover to protect their company, their product and the viability of their ongoing business. Natasha Catchpole, Practice Leader – Crisis Management – Product Recall
In another ground-breaking move, CFC’s enhanced product recall suite now includes recall costs as a result of an intellectual property infringement, cover which has become increasingly important in today’s consumer driven brand aware society.
CFC has also added cover for animal by-product contamination where animal DNA is found in vegan or vegetarian products, and religious product specification guarantee where products advertised as Kosher or Halal are found to fail the religious standard and need to be recalled and destroyed. These unique extensions make CFC the first choice for brokers seeking cover for their clients who have these exposures.
Recalls of any kind can impact cash flow, squeezing a company’s ability to pay staff, purchase raw materials or even continue production. While many companies have adequate cover from third party lawsuits, they often do not consider how they would safeguard their own day-to-day business costs. Our revamped suite provides them with the protection they need. Natasha Catchpole, Practice Leader – Crisis Management – Product Recall
CFC has also added cover for government plant suspension and product tamper for financial gain.