Does your product liability insurance cover the real costs of a product recall?
During the last years consumers became more and more aware of the dangers of products and the requirements of governments and buyers are strengthened. The globalisation has led to a more complex supply chain that is difficult to manage. Products are often pulled out of the distribution chain and the financial consequences of product recall increase.
A recall action does not only entail financial consequences, but also loss of the value of the recalled products, loss of turnover and market share and defamation of the company reputation.
AIG offers a wide range of cover possibilities in the case of a product recall, following accidental or intentional contamination. This insurance meets financial losses entailed by a recall action. The insured person can enjoy also assistance and advise from specialised recall consultants, loss control engineers, incident response support from consultants of NSF. In addition, the insured person can use NOVI, a product recall cost estimator.
Production and trade companies in the food, beverage and cosmetics industry
This site only contains an overview of the most important coverages and exclusions. Only the general and specific conditions (“Insurance Policy”) provide an accurate, binding, description of the covers and exclusions.
It is necessary to fully analyse the Insurance Policy, as well as all other relevant documents with contractual and pre-contractual information before any decision to buy, underwrite, adhere to, accept, sign or conclude an insurance agreement.
Here you will find information about how to request a quote with detail of premium calculation, the general and specific conditions, and/or other relevant documents with contractual or pre-contractual information, the duration of the insurance policy, the applicable law and jurisdiction, how to file a complaint or reach the ombudsman, etc.