Product Recall

Product recalls are ongoing and increasing in occurrence regardless of a company’s size or industry. No matter where a company resides in the supply chain, these exposures can pose a significant impact to a company’s balance sheet and reputation.

When a manufacturing error or recall incident occurs, our comprehensive coverage is designed to reimburse our insureds for the costs they incur to get their product out of the stream of commerce, replace it, as well as the expenses to protect their brand and mitigate the loss. In addition to the product replacement and brand reputation coverage, we also provide coverage to protect their profits as well as the damages incurred by a third party.

Beazley offers three products: 

• Component parts – all component parts for any industries (incl. Automotive, aviation, medical devices etc.)
• Consumer goods – any finished non-food products
• Consumable products – all topical and ingestible products for human use or consumption  

Key elements of our products: 

• First party reimbursement policy (including third party damages)
• Claims made policy
• Worldwide coverage
• Limits as low as $50,000 & up to $5M 
• No Minimum premium for limits up to a $1M
• $0 SIR options for small business 
• Ability to tailor a policy to specific contracts or products

We help clients protect their businesses and customers when product recalls and manufacturing errors occur. Brokers and policyholders benefit from our global expertise, efficient claims handling, best-in-class consultants by line of business, and experienced and innovative underwriting capabilities. 

Beazley also provides clear and concise policy forms that provide greater clarity for clients, along with unique policy elements like the ability to write policies with no self-insured retention or double loss aggregates, and coverage for smaller businesses that other insurers overlook (i.e. government advisory as defined in the consumable products policy).