PRODUCT RECALL INSURANCE
- OVERVIEW
- INSURANCE COVERAGE
- EXCLUSION
- PRODUCT DOCUMENT
- CLAIMS GUIDELINE
- OTHER PRODUCTS
Product Recall insurance
product overview
Manufacturers always aim to provide customers with products of the highest quality, but the risk of such products being recalled is ever-present, especially in today’s global business context with strict regulations and high standards that manufacturers have to comply with.In case a product recall occurs, such incident may be very costly to the manufacturer. Product Recall insurance would be a good solution to cover expenses related to a product recall incident.
INSURANCE COVERAGE
main coverage
Product Recall insurance covers for expenses related to a product recall incident. Such expenses could be:
- The cost of publishing the recall
- The cost of shipping the recalled product
- The cost of hiring additional persons to analyse, research, inspect…the recalled product
- Remuneration paid to employees for overtime
- Renting additional warehouses
- Disposal of the recalled product
- Costs incurred as a result of the Insured’s liability to wholesalers, distributors, retailers…
- Repairing or replacing the product
extended coverage
EXCLUSION
Main exclusions of Product Recall insurance include:
- Bodily Injury or Property Damage claims arising out of the use or consumption of the product
- Dishonest, fraudulent, illegal acts by any director or executive of the Insured
- Intentional violation of law by any employee of the Insured
- Nuclear, radiation
- War
- Litigation or proceedings
Specific exclusions will be mentioned in your policy.
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See detailPRODUCTS YOU MIGHT CONCERN
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or call the Hotline 1900 8110
