Consumer Products
Product brands and corporate reputation are the most valuable assets of any product manufacturer. Firms invest huge resources in creating and maintaining their image with customers, suppliers, investors and other stakeholders but it is their reputation following a crisis that may prove critical to their survival. Manufacturer error, accidental product contamination, malicious product tampering or an extortion demand can rapidly destroy the economic value of a company.
Recall coverage is designed for the following types of operations
- Consumer product manufacturing
- Machining, stamping, assembly and heat treating operations
- Metal and plastic component manufacturing
- Electronic component manufacturing and equipment
- Packaging and bottling operations
- Medical products
- Children´s products
- Pharmaceutical packaging
- Industrial product manufacturing
What does our program cover?
Our program covers communication, transportation, warehousing and additional staff costs incurred as a result of a loss. Customers' recall expenses, destruction or reworking costs, product replacement costs and loss of gross profit for an indemnity period of up to 12 months after a loss event are also covered. Additionally, product rehabilitation, extortion demands and cost to refund, repair or replace insured's product or impaired property are also covered. Expert claims handling with product recall administrators are available. Specialized loss-control services are available to support an insured's product recall strategies. Our loss control consultants will help your company develop an effective product recall plan as well as review existing programs.