We can work with you to create a tailored, cost-effective insurance Product Recall and Contaminated Insurance Program that is right for your business. In the event of a claim, We’ll work with you to find a fair resolution.
Product Recall & Contaminated
Whether you are a manufacturer, processor or distributor of goods, you should have Product Recall insurance. A Product Recall policy protects your business from the significant financial and reputational costs associated with a product recall.
It doesn’t matter what size your business or how restrictive your risk management programme you may still experience a product recall. Product recalls can be expensive, time consuming and may damage your brand. Market share, brand image and consumer confidence are immediately at risk.
Product recall insurance covers the costs association with recalling a product. Direct costs of recall are often only a fraction of the true cost to the business.
Costs and expenses come in many forms:
- Recall Costs: The costs incurred in recalling, inspecting and destroying the affected product, as well as advertising and extra labour.
- Third Party Recall Costs: Costs incurred by a third party where your insured product is an ingredient in their product.
- Consultant Costs: Costs associated with specialist recall or crisis consultants.
- Replacement Costs: The cost to replace and redistribute the affected product. Business interruption: Loss of profits and expenses resulting from a possible decline in sales.
- Business Interruption: Loss of profits and expenses resulting from a possible decline in sales.
- Rehabilitation Expenses: Costs incurred to return sales to pre-incident levels; PR and advertising costs to promote the brand again.
- Extortion Costs: Ransom monies, negotiation costs, loan interest or increased security.
AMG can offer you options on protection for a range of product risks including product contamination and general public and product liability. In the event of a claim we will work as your advocate, to get a fair resolution for your business.