When a manufacturing error or recall incident occurs, our comprehensive coverage will reimburse insureds for the exposures related to manufacturing errors or 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.
Our 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:
Key elements of our products:
We are here to help our clients by providing them with a comprehensive insurance solution to protect their balance sheet and customers. 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).
We have a broad risk appetite and can look at risks of any size and in a wide variety of industries. Below are some examples of the classes we can write.
Component Parts:
Consumer Goods:
Consumable Products:
Consumables - $58M frozen bakery products manufacturer – Insured bakery detected metal in its finished pastry resulting in three weeks of lost production. The insured was reimbursed over $1.5 million in lost inventory, customer credits, and freight, storage and disposal costs. Beazley is coordinating a subrogation action against ingredient supplier.
Consumer Goods - $11M chafing dish fuel manufacturer – Insured withdrew chafing dish fuel canisters when customer complained leaking cans were causing property damage to adjacent products. The insured was reimbursed $32,000 in customer credits and for affected inventory and freight, re-packing and disposal costs.
West Hartford, CT, USA
+1 (860) 677 3542
Email Angela
New York, NY, USA
+1 (212) 801 7181
Email Ryan