Product Recall Liability insurance is required if you are a manufacturer, processor, or distributor of goods. A Product Recall Liability policy protects your company from the high financial and reputational costs of a product recall.

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Whether it be products like food, beverages, cosmetics, electrical equipment, pharmaceuticals, or household appliances the product recall process is extremely expensive, and can be highly damaging to even the largest companies.

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A Product Recall Liability policy is there to cover you for the costs associated with a product recall:

• Cover for the cost of withdrawing products off shelves

• Cover for the cost of replacing the recalled product on shelves with ones that are deemed safe

• Cover for expert advice and assistance on managing your brand reputation in the public domain. Product recalls are increasingly receiving widespread media publicity.

 

Product Recall Liability will look to significantly reduce the impact a product recall can have on your organisation, empowering you to make decisions for the future of your business with greater confidence.

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Some of the coverage features are: 

• RECALL COSTS (1st Party), the costs incurred by you to recall your products

• RECALL COSTS (3rd Party), the costs incurred by a third party to recall your products

• ACCIDENTAL CONTAMINATION, cover for unintentional contamination or mis-labelling.

• BUSINESS INTERRUPTION, Loss of income or additional costs following a recall

• REPLACEMENT/ REWORK COST, Costs to replace the recalled product

• PRODUCT EXTORTION, cover for product tampering and extortion for costs

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Let the team at ASCOT protect you and your business from the disastrous costs associated with a Product Recall.