Product Recall Insurance
Available from CoverXSpecialty
Recalls can be a complex and expensive business. A fast and effective recall gives a company the valuable opportunity to reinforce their commitment to safety, quality and service. In contrast a badly managed recall can lead to adverse publicity and brand damage.
Our philosophy is to offer access to traditional insurance with best-in-class consulting services on a pre-incident and response basis.
• recallPROTECT+ for Consumable Products
• recallPROTECT+ for Consumer Goods and Products
• recallPROTECT+ for Suppliers and Component Parts Manufacturers
• restaurantPROTECT+ for Food Borne Illness Insurance for Restaurant Chains
• $10,000,000 capacity
• Minimum attachment $25,000
• On a lead basis, companies with sales up to $1B will be considered.
• Companies with sales in excess of $1B will be considered with either a significant self insured retention or on an excess basis.
• No minimum premium (automotive industry products minimum is $25,000).
Highlights of Coverage:
• Basic policy covers recall costs and consultant costs (unlimited and no SIR applies).
• Customized approach allows policyholders to select "add-on" coverages such as Loss of Profit, Replacement Costs, Rehabilitation Expenses, Customer Loss of Gross Profit, and many more
• Access to consultants via a 24/7 emergency hotline
• 10% of net premium offered to policyholder annually to cover loss mitigation costs