Product Recall Insurance
Product contamination and tampering have become a pervasive problem. Whether such contamination is the result of intentional criminal acts or of simple human error, companies that fall victim to incidents of this sort often incur staggering costs not only in damage control, but also in restoring their profits and reputation.
The MRM Group has developed a unique new product for businesses concerned with Product Recalls and is dedicated specifically to providing insurance and risk management solutions for the meat and food industries, as well as the packaging, sporting goods, cosmetics and feed industries, to name a few.
Coverage Includes
- Accidental Contamination
- Product Tampering
- Product Extortion
- Kidnap & Ransom
Capacity
- $75,000,000 for Product Tampering
- $50,000,000 for Product Contamination
Available Policy Periods
- One year
- Two years
- Three years
How Our Coverage Response Works...
Our programs cover accidental contamination, malicious tampering, extortion and threat thereof, whether or not an actual recall occurred. Coverage also responds to recall expenses including the value of any contaminated product recalled or destroyed, as well as costs of chemical analysis, transportation, warehousing and relocation of the product. Programs include lost gross profit coverage of the entire operation for up to 12 months after a tampering or contamination. Customer recall expenses incurred by your customers as a result of your product becoming a component part of their product are also covered. Customer loss of profits coverage is included to provide reimbursement to your customers for profits they would have realized from the sale of your product had a recall not occurred. Additionally, rehabilitation expenses incurred to restore the reputation and market share of the entire entity that is the subject of the tampering or contamination are covered. Coverage also includes crisis management consultant and public relation expenses incurred in connection with the response to a covered incident.