Product Recall

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Alex Marti

Focus Group Leader - US Product Recall

The exposures related to product recalls or manufacturing errors 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. The Beazley Product Recall offering is an innovative insurance solution that provides what clients need to help protect their businesses and customers.

When a recall incident occurs, our comprehensive coverage will reimburse them 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.

Our Products

We have crafted three different product offerings that will provide our insureds with the comprehensive coverage needed for their industry. Our three product offerings are Consumable Products, Consumer Goods and Component Parts. We have a broad risk appetite within these offerings which are shown below.

Consumable products – all topical and ingestible products for human use or consumption

Considered classes:

Bakery & confectionary products
Beverages
Canned goods
CBD & hemp products
Dairy products
Frozen food & ready-to eat-products
Fruits & vegetables
Meat, poultry, & seafood
Nutraceuticals & pharmaceuticals
Sauces, dressings, & condiments
Snacks, candy, & chocolate
Toiletries & cosmetics.

Consumer goods – all finished non-food products

Considered classes:

After-market products
Apparel & accessories
Appliances & electronics
Cleaning & janitorial supplies
Furniture & home furnishings
Home improvement products
Medical devices & implants
Paper goods
Sporting goods & hobby products
Tools & hardware.

Component parts – all components for any industry

Considered classes:

Automotive components
Aviation/aerospace components
General manufacturing & industrial components
Medical device components
Metal components
Plastic & rubber components
Textile components.

Key elements of our products

First party reimbursement policy (including third party damages)
Non-admitted
Claims made policy
Worldwide coverage
Minimum SIR for a $1M limit – $2,500
Minimum premium for a $1M limit – $3,500
Limits as low as $50,000 & up to $5M

Why Beazley Product Recall?

Clear and concise policy forms
Unique policy elements (i.e. government advisory as defined in the consumable products policy)
Efficient claims handling
Broad risk appetite
No risk too small (subject to underwriting guidelines)
Best in class consultants by line of business
Experienced and innovative underwriting capabilities