This is a specialist field of cover, especially important for the following industries...
- Food and drink
- Perfume, cosmetics and toiletries
- Construction materials
- General engineering
- Toy makers
This covers a range of areas of cover...
- Product Guarantee - Costs incurred due to the product failing to fulfil its intended function (removal, recovery, repair, alteration, treatment or replacement), regardless of legal liability.
- Financial Loss - Damages and costs arising from your customers (or third parties) financial loss, arising from the product failing to fulfil its intended function.
- Product Recall - Recall costs incurred due to a potential legal liability, or claim under sections 1 or 2 (above).
- Malicious Contamination - Recall costs due to accidental (optional) or malicious contamination of products, or alleged contamination.
A few pointers as to whether your risks are likely to be raised...
- Do your products end up in supermarkets (they won’t ask your permission before recalling).
- Are batches large or small (the larger the batch, the more the cost (all sections) of putting right.
- Are your good sourced abroad; quality control and reliability is harder to ensure.
A quotation costs nothing and premiums can be tailored, by amending levels of cover and excess.