Marketing products invariably involves risk. A minor manufacturing defect can cause physical harm to consumers or even result in a death. Withdrawing your product from the market is the only way of preventing or limiting damage.
Extensive recall/product contamination insurance
A recall insurance guarantee compensates for any physical or material damage your contaminated product causes to third parties. In this case you are best advised to take out a liability policy. A recall policy bears all the costs of launching a programme to recall your contaminated products along with the third party costs of withdrawing your products from the market.
You are therefore covered for legal or judicial obligations to withdraw products and in case you yourself decide upon the withdrawal.
Guarantees and cover
The damage your company incurs owing to accidental or deliberate contamination is not confined to the product recall costs. Product contamination insurance protects you against:
- a loss of gross profits
- the costs of storing and destroying your products
- the costs of restoring your image in the eyes of consumers, suppliers, customers, ...
- the costs of replacing your contaminated products and redistributing the replacements
- extortion-related costs such as ransom money
This cover offers you extensive own damage insurance in the event of product contamination and recall.
