Product Recall Insurance
All manufacturing businesses have a recall exposure, but many do not protect themselves or their cash flow. CFC’s recall policies are designed to cover the potential fallout of such an event by providing comprehensive business interruption, whether caused by manufacturer error, a product safety issue, and more. We also offer pre-incident consultancy to minimise the risk of a product recall event occurring and to mitigate the aftermath if it does.
Who’s it for?
Our product recall policies are aimed at a wide range of industries, including:
- food and beverage
- automotive components
- consumer products
- non-invasive medical devices
What does it cover?
- Premises and product rectification costs: cleaning and recalibrating of buildings/equipment, staff salaries, product replacement, re-distribution, and much more.
- Loss of future sales: cover of costs incurred while product remains unavailable for sale, typically 12 months.
- Ancillary costs: investigation, storage, transport and labour, disposal and destruction of damaged goods.
- Comprehensive brand and reputation protection: specialist support before, during and after an event, costs for advertising and promotional activity post event.
Premiums start from as little as £5,000 per £1m of cover, and with limits of up to £8m per policy available.
CFC is the largest independent MGA in the London market, backed by over 30 Lloyd’s syndicates and with more than 60,000 clients in over 75 countries worldwide. By combining cutting edge technology with data analytics and passionate underwriters, we try to bring something new to established insurance niches like piracy, terrorism and recall.
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