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 traditional insurance with best-in-class consulting services on a pre-incident and response basis.
- recallPROTECT+ for Consumable Products
- recallPROTECT+ for Consumer Goods
- recallPROTECT+ for Component Parts
- restaurantPROTECT+ for Foodborne 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.
- Consumable Products include food & beverage companies, cosmetics, tobacco, pharmaceutical and pet food (excluding animal feed). The target risks can be a supplier of ingredients, co-packer, processor, manufacturer, bottler, importer, distributor, packager, wholesaler, etc.
- Consumer Goods are finished products in the areas of appliances, clothing, electronic/electrical, furniture, household, children’s products, outdoor, sports/exercise, etc. The risk can be a manufacturer, importer, distributor, wholesaler, retailer, etc.
- Component Parts are manufacturers, distributors, importers, exporters and wholesalers of components for the general manufacturing and automotive industry. For the automotive industry, only Tier 1–4 suppliers would be considered.
- Restaurant targets are local and regional restaurant chains, including franchisees. National chains will only be considered on a high excess layer.
To learn more, visit: http://www.coverx.com/ProductRecall.html
This material is provided for information purposes only and is not intended to be a representation of coverage that may exist in any particular situation under a policy issued by one of the Crum & Forster companies. All conditions of coverage, terms and limitations are defined and provided for in the policy.