Auto insurance is purchased by vehicle owners to mitigate costs associated with getting into an auto accident. Many consider it an absolute necessity for food and beverage or consumer packaged goods companies. A Product Recall is the act of removing a batch or production run of products from the marketplace. Vehicles. According to AGCS analysis of insurance industry product recall claims across 12 sectors, even the average costs of a recall can exceed €1.4m ($1.65m), rising to over €12m ($14.5m) and almost €8m ($9.42m) for significant claims in the two most impacted sectors – automotive and food and beverage respectively. Cost of extra personnel required to conduct the recall
Target industries are food & pharmaceuticals.If you produce any consumer goods, you can get broad coverage with this solution designed with your needs in mind. Cost to dispose of products 5.
Contaminated product recall. Product Recall Insurance Product recalls happen more than you think and they can be time consuming, costly and damaging to your business. While this may seem like a logical expense, it is important to note that most policies do not automatically cover this cost.Ensuring that your policy contains a “refund, repair or replace” endorsement will further limit your company’s out-of-pocket expense and can also aid in rebuilding goodwill with your client base.In order to further mitigate the financial impact of a recall, it is suggested that business interruption also be added to your policy.
AXA XL offers a suite of product recall insurance options.
Middle East and Africa Regional Product Recall Insurance from AIG can help manage the effects of a recall, covering key expenses and providing the expertise of world renowned crisis management and public relations consultants to guide you throughout this critical time for your business. Africa & The Middle East
The trigger to activate Product Recall Insurance is when the products in question pose an imminent threat of bodily injury or property damage. According to the U.S. government’s site on recalls, commonly recalled products include: Child safety seats. In simple terms product recall insurance can protect a business from the financial implications of a recall of its products, usually because it has been found to be unsafe or could cause injury or damage. Check out our new TL Guide - Product recall is a worrying prospect for any business, threatening both a financial loss and damage to a company’s brand and reputation.Our product recall insurance policies provide comprehensive cover for a variety of industries and recall scenarios, ranging from product guarantees and contractor errors, to cyber product tamper and software product safety.Bespoke cover addressing contaminated food & beverage products. Product recalls happen more than you think and they can be time consuming, costly and damaging to your business. Travel insurance is a type of insurance designed to cover the costs and losses associated with unexpected events incurred while traveling. Please update your cookie settings to include "Targeting Cookies" to view this form: Because cookies are blocked, we are unable to display this signup form. Anything from toys and smartphones to bottled water and medications are susceptible to recall. A product recall can tarnish your company's reputation, alienate customers and have a major impact on profits. Territory coverage, for example, needs to include all locations where your product ultimately may be used.
While good for consumers, more stringent product quality requirements pose difficulties for manufacturers, and the challenge is greater today than ever before, as
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