CFC’s product recall policies are designed to protect manufacturers and distributors against first-party exposures. Product recalls can result from manufacturing errors, such as allergen mislabelling, tampering, or extortion events. CFC also offers access to consultancy expertise to minimize the product recall risks, and to mitigate the aftermath if it does.
Target risks
- Food and beverage
- Nutraceutical products and cosmetics
- Consumer products and household goods
- Automotive components
- Non-invasive medical devices
Key policy features
- Loss of sales is typically 18 months
- Broad recall costs including investigation, storage, transport, disposal and destruction of damaged goods, with third-party recall costs covered 100% as standard
- Premises and product rectification costs
- Rehabilitation costs, to restore brand and reputational damage
- Government actions and negative publicity cover as standard
- Affirmative cyber cover
Key benefits to members
- Range of crisis consultancy solutions
- Investigation costs with nil deductible under the policy
- Dedicated 24/7 CFC crisis management hotline for insureds in the event of an incident
- Response within 48 hours from the team on enquiries
- A modular policy form, for a solution that works for the client
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