BIBA launches Product Recall scheme with CFC
10th January 2017
The British Insurance Brokers’ Association (BIBA) has launched a Product Recall scheme through BIBA member CFC Underwriting.
Suitable for businesses operating in a wide range of industries, the scheme offers two policies tailored for specific sectors. A product recall policy for manufacturers and distributors of non-food consumer products and automotive parts, and a contaminated product recall policy for food, drink and personal hygiene manufacturers.
Exclusive benefits for BIBA members include an increased provision for pre-incident consultancy work of 3.5% of gross premium, compared to standard offering of 2.5%, to assist with crisis management and business continuity. The scheme also provides marketing and training support, and CFC will offer sub-limits for ‘retailers’ expenses’ extension to BIBA members’ clients to cover fines and penalties.
Product recall is a crisis management tool for companies wanting to ensure business continuity in recall and contamination situations, and the new scheme will help BIBA member sell this insurance more effectively.
Mike Hallam, BIBA’s Head of Technical Services, said: “A product recall can be a worrying prospect for any business, with the potential for not just financial loss, but significant damage to their brand and reputation. We are pleased to offer this product to members with enhanced benefits and the support that they need to sell this complex product.”
CFC’s product recall policies are unique in that they also include cyber product tamper and software product safety – increasingly important areas of cover in the age of the Internet of Things.
CFC also provides BIBA members with a Cyber Insurance scheme.
Patrick Brice, CFC’s Business Development Director, said: “We’re very excited to launch our second BIBA scheme, reflecting our commitment to helping members access specialist insurance products, expertise and education on emerging risks in a simple way. We look forward to working even more closely with BIBA and our fellow members in 2017.”
A webinar is available to BIBA members who want to learn more about this scheme on Friday, 7 April 2017.
Visit the new scheme page https://www.biba.org.uk/members/biba-schemes/product-recall-insurance/ for more information.
Notes to editors
- For further information please contact:BIBA press office:
Pam Quinn, Head of Communications
020 7397 0223
- Leighann Forsyth; Deputy Head of Communications
020 7397 0223
- About the British Insurance Brokers’ Association
The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.
BIBA membership includes just under 2,000 regulated firms.
General insurance brokers contribute 1% of GDP to the UK economy and BIBA brokers employ more than 100,000 staff.
52% of all general insurance is sold by an insurance broker and they arrange 78% of all commercial insurance business.
Insurance brokers put the client’s interests first, providing advice, access to suitable insurance protection and risk management.
BIBA helps more than 250,000 people a year to access insurance protection through its Find a Broker service, both online and via the telephone.
BIBA is the voice of the sector advising members, the regulators, consumer bodies and other stakeholders on key insurance issues.