Product Recall Insurance
Product Recall Insurance will assist your company to protect against the possibility of a recall of faulty products. The recall may be voluntarily made by you or forced upon, recommended by governmental and regulatory agencies.
Product Recall Insurance will protect your company by providing much needed coverage for public relations, mass media communication, announcement or advertising costs including disposal costs due to these recalls. Product Recall Insurance is therefore implemented to ensure that your company have the financial means to pay for the cost of restoring your corporate image, branding and in turn allow for quick recovery, reinstatement or restart production and cashflow resumption.
In today's marketplace, Consumer Protection Rights is of utmost importance, and when a company manufactures products, consumers demand that products are safe and reliable. If it is discovered to fail this basic requirement the company's relationship with consumers, key business partners can be damaged beyond repair unless the company takes responsibility to recall faulty products, it may not be able to recover it's prestigious market standings.
Product Recall Expenses can include:-
In addition, the policy can be designed to include Product Recall Expense Liability covering the legal liability to pay compensatory damages arising out of the recall.
From the above, one can see that Product Recall Insurance is an essential component of a corporate risk management and disaster planning program that will protect against potential financial ruin or in some cases even financial collapse caused by unexpected manufacturing mishaps.
For further information regarding how Product Recall Insurance could benefit your company or organisation, please call one of our team of insurance specialists who will answer any queries and help to tailor a policy around your specific needs and requirements.
Have a query or question? Please call us on +84 (28) 3514 7965 or email us at email@example.com for further advice!
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