Product Recall Insurance
Product Recall insurance is designed for manufacturers, producers and suppliers. Product Recall provides coverage for the full spectrum of costs which are associated with a Product Recall. Whether by accident or maliciously, unexpected expenses can affect your financials.
Events insured by Product Recall Insurance
- Accidental Contamination cover
- Intentionally Impaired Ingredients – intentional and wrongful, but not malicious
- Malicious Product Tampering
- Product Extortion
- Government Recall
Coverage provided by Product Recall crisis management insurance
The coverage is dependent upon the wording and can include:
- Recall Costs including disposal, replacement, advertising and transport
- Pre-recall expenses
- Business Interruption – Reduction in Gross Profit
- Product Extortion costs
- Crisis Management Consultant and Advisors
- Product rehabilitation
- Third-Party recall costs
- Fines and Penalties
- Brand Reputation management costs
- Product Recall Liability
Product Recall Incidents in Australia
In Australia, due to our well developed legal system and pro-consumer legislation in place, both consumers and businesses are well placed to obtain reimbursement for product recall incidents.
There have already been 300 official product recalls required in 2020, up to August, by Australian government bodies for products ranging from bicycles, beer, caravans, seafood sticks, biscuits, baby carriers, inflatable pools, bean bags, vehicles and many more.
With Food and beverage industry alone averaging 63 product recall claims a year in the past ten years, it makes sense to review this exposure.
Insurance
For a discussion on your insurance, please complete our online form or contact us today on (07) 3139 3900.