Product Recall Insurance
All manufacturers and distributors have product recall exposure; however, many do not protect themselves or their cash flow. CFC’s product recall policies are designed to protect these companies against their first-party exposure should a product withdrawal occur. The event may be triggered by a manufacturing error that causes a product to have the potential to be harmful to health, including allergen mislabelling, as well as malicious product tamper and extortion events. Extensions are also available to consider animal by-product or religious specification driven recalls. We also offer access to consultancy expertise to minimise the risk of a product recall event occurring, and to mitigate the aftermath if it does.
Target risks
- Food and beverage
- Pet food
- Automotive components
- Consumer Goods
- Medical Devices
Key policy features
- Premises and product rectification costs, including redesign and remanufacture
- Loss of future sales, typically 12 months
- A wide range of costs associated with a recall including investigation, storage, transport, disposal and destruction of damaged goods, with third party recall costs covered 100% as standard
- Government Actions and Negative Publicity cover available as standard
- A modular policy form, so our underwriters can work with you to come up with a solution that works for the client.
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
Opportunity for: Brokers to create a more comprehensive risk transfer solution for their manufacturing and distribution clients
Solution for: Companies wanting to protect their cashflow as well as cover their customer’s recall costs in the event of a recall event
Provider
CONTACTS
Contact:
Natasha Catchpole and Lucie Dean
Address:
85 Gracechurch Street, London, EC3V 0AA
Telephone:
020 7220 8500
Email:
[email protected]
Website:
www.cfcunderwriting.com