Product Recall Insurance
Product recalls are a worrying prospect for any business, threatening both financial loss and damage to a company’s brand and reputation. CFC’s product recall insurance policies (Contaminated Product Recall, specifically for food and beverage firms, and Product Recall) provide comprehensive cover for a variety of industries and recall scenarios, ranging from product guarantee to contamination events including cyber product tamper and software product safety. Often, the most challenging and expensive part of a recall is keeping the business operational while facing intense public and regulatory scrutiny.
There are two main products available:
Contaminated product recall – cover for food & beverage manufacturers.
Product recall – cover for a wide range of non-food industries ranging from consumer products to household goods and automotive parts.
Extensions are also available responding to emerging risk and increasing exposure in the manufacturing space which wouldn’t traditionally be covered by recall policies. Examples of these are animal by-product (for meat free products) and religious specification both responding outside the traditional bodily injury triggers.
Tune into our latest webinar: The future of food & what it means for manufacturers.
- Food and beverage, including pet food
- Nutraceutical products and cosmetics
- Consumer products and household goods
- Automotive components
- Non-invasive medical devices
Key policy features
- Loss of future sales, typically 12 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, including redesign and remanufacture
- Rehabilitation costs, to restore brand & 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 to apply
- 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, so our underwriters can work with you to come up with a solution that works for the client.
Brokers to create a more comprehensive risk transfer solution for their manufacturing and distribution clients
Companies wanting to protect their cashflow as well as cover their customer’s recall costs in the event of a recall event