Why do I need Product Recall Insurance?
Every company that produces any product is responsible for its proper operation, correct use and compliance with health standards towards the public. If the product is found defective or contaminated, the manufacturing company or the importer are required to recall it.
As a result, the cost of recall could dramatically harm a business. Product Recall Insurance allows your company to overcome the economic obstacle of recall and at the same time promote its social sensitivity.
What does the Product Recall Insurance cover?
Each product recall policy differs, as companies differ. This policy heavily depends on various factors, including the nature of the product, the countries into which it is exported, the product’s fitness certificates and the final limits of coverage required.
Our international clientele and knowledge regarding the global insurance market lend the experience necessary to create a personalized product recall policy for your company.
For example, ZIA insurance can offer you coverage such as:
1. Product destruction costs.
2. Storage costs.
3. Public notification and disclosure costs.
4. Company charges for product collection and rectification.
5. Costs of special crisis management consultants.
6. Costs for product transfer to a different location.
7. Cost of product reinstatement on the market.
8. Expenses for cancelling advertising campaigns.
9. Cost for investigating the cause of contamination.
10. Costs for new promotions and repositioning of the product on the market.
11. Loss of profits from a decline in sales because of the recall.
12. Charges of blackmail in the event of fraudulent tampering of the products.
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