What we offer
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.
Beazley’s Product Manufacturing Risk & Response offering for the Asia- Pacific region is an innovative insurance solution that provides comprehensive protection businesses and customers need from recall risks.
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 two products:
Component parts and consumer goods – all component parts for any industries (incl. Automotive, aviation, medical devices etc.) and any finished non-food products
Consumable products – all topical and ingestible products for human use or consumption
- First party reimbursement policy (including third party damages)
- Claims made policy
- Worldwide coverage
- Limits as low as $50,000 & up to $5M
How can we help
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, and coverage for smaller businesses that other insurers overlook.
Who we can help
Component Parts and Consumer Goods:
- After-market products
- Apparel & accessories
- Appliances & electronics
- Automotive components
- Aviation/aerospace components
- Cleaning & janitorial supplies
- Furniture & home furnishings
- General manufacturing & industrial components
- Home improvement products
- Medical devices & implants
- Medical device components
- Metal components
- Paper goods
- Plastic & rubber components
- Sporting goods & hobby products
- Textile components
- Tools & hardware
- Nutraceuticals & pharmaceuticals
Where Is This Offered?
- Direct: Singapore and Hong Kong
- Reinsurance: Worldwide, minus sanction countries (excluding North America and Europe)
The Beazley Difference
Freedom lies in being bold. We dare to be different and seek bold possibilities to create more innovative, fair and satisfying outcomes for our clients, brokers and employees. From insuring the highest building in the world, to the first commercial lunar vehicle to operate on the moon - we boldly go where others won’t.
STRIVING FOR BETTER
Good is a start, but we go all-out for better. A driven community of individuals relentlessly push the needle and creating value. From launching the market’s first dedicated ESG syndicate to the establishment of our business unit focusing on designing digital insurance solutions, we pride ourselves on always going above and beyond. Simply put, at Beazley we go to 11.
DOING THE RIGHT THING
Acting with integrity in a straightforward, decent way is instinctive. Open and honest with others, we show respect and empathy however challenging the situation – demonstrated by our multi-award winning claims team. Doing the right thing makes for a fair-minded, rewarding environment and makes work and life better for all.