Many companies are surprised to find out that their current policies for product insurance would not provide them coverage during the unfortunate event of a product recall. Have you checked your coverages lately?
Product recall insurance is becoming increasingly more important for several reasons:
- To satisfy contractual requirements with customers who employ a risk transfer approach
- Costs related to product recalls often include not only the collection of the recalled product and loss of revenue, but hidden costs not covered under other types of insurance
- Increased role of governmental oversight through FSMA is resulting in greater scrutiny and an increase in product recalls
Learn more about product recall insurance and how it can protect your company by accessing Joel’s recent webinar or by contacting him directly with questions.
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