..:: Product Recall insurance ::..

PRODUCT RECALL INSURANCE

OVERVIEW
INSURANCE COVERAGE
EXCLUSION
PRODUCT DOCUMENT
CLAIMS GUIDELINE
OTHER PRODUCTS

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.

INSURANCE PREMIUM

Insurance premiums are determined based on risk assessment and specific insurance pricing principles of the product. For detailed advice and appropriate quotes, please contact Tokio Marine Insurance Vietnam Co. directly.