Business Product Recall
A comprehensive liability facility designed for the automotive manufacturing industry, Business Product Recall provides protection from the serious financial consequences of product guarantee, recall and financial loss claims.
If your company is involved in manufacturing, retailing,
wholesaling, exporting or distributing of products, you are vulnerable
to product contamination or extortion.
Three elements of cover:
Product Recall – provides reimbursement of expenses you incur, including the costs of correspondence, advertising or announcements in print and broadcast media, and transportation costs for the return of the products. You’re also covered for the costs of examination and, where necessary, replacement of the product arising from a recall.
Product Guarantee – this includes coverage for the cost of removal, recovery, repair, alteration, treatment or replacement of products which fail to perform the function for which they were manufactured, sold, supplied, installed, repaired, altered, treated, dispatched or delivered by your business or on your behalf. Product Guarantee coverage is not dependent upon a recall campaign.
Financial Loss – this covers financial loss incurred by buyers or third parties as a result of the failure of the products to perform their intended function, including third party recall costs.
Limits range from $1million to $20million, with capacity continuing to evolve. Please contact us if you are in need of higher limits.
Ph: +61 3 8681 9994