Product recall
Brand image is one of the most valuable assets a business possesses, and the likelihood is that considerable time and money has been invested to build a good name with consumer customers.
Together with underwriters we have developed a tailored policy that helps companies protect the value of their brand assets.
Product recall delivers insurance protection against the financial costs of recalling products, and professional crisis management consultancy.
Miller has over 20 years experience of developing insurance and crisis management solutions in the product recall market, including developing finite policies for Fortune 500 food companies.
We work with manufacturers and retailers of the following consumer goods:
- Cereals / baked goods (excluding GMO)
- Confectionery / snacks
- Seafood
- Dairy products
- Drinks (including bottling)
- Fruit and vegetables
- Sauces
- Household cleaning products
- Nutritional health products non-FDA regulated
Losses covered by product recall include:
- Expenses of crisis link consultants, before and during the event
- Gross loss of profit or net loss of profit, as purchased
- Product rehabilitation (sub-limited to 25% of policy limit)
- Recall expenses such as transportation and destruction / re-working of the product
Coverage is provided for:
- Accidental contamination
- Extortion
- Malicious contamination, triggered by actual or potential bodily injury
- Target products
Limits immediately available up to US$20 million for 'short shelf life' products - mainly food and beverages. Excess limits are also available for over US$20 million.