Product Recall

Recall Expense & Liability Coverages:

• First-Party Recall Costs: Costs of getting products off the shelves, proper disposal, & notification logistics
• Reputation & Brand Protection: Costs for PR, marketing, & crisis management to restore brand reputation
• Third-Party Liability: Coverage for damages or financial losses of customers, including retailers or OEMs
• Consulting & Expert Fees: Coverage for costs associated with consultants, & expert legal teams
• Government-Ordered Recalls: Costs for complying with mandatory recalls by regulatory bodies like the FDA, NHTSA, or CPSC
• Replacement & Redistribution: Costs for manufacturing & introducing new products

Primary Policy Structure:

• Claims-Made with cut-off date Recall Liability & Recall Expense
• Policy limits up to $5M
• Deductible & participation percentage options available

Excess Policy Structure:

• Follow form coverage
• Up to $5M in capacity
• Available on an unsupported basis

Minimum Premiums:

• $1,750 – $250,000/$250,000
• $2,500 – $1M/$1M
• $10,000 – $5M/$5M

Primary Coverage Enhancements:

• Optional additional coverage – loss of income due to loss of reputation with optional extra brand remediation expenses
• Optional Cyber Security Consultant Costs Endorsement for “smart” products & digitally connected medical devices
• Optional Fair Trade Recall Trigger Endorsement
• Optional Pre-Recall Monitoring Expenses Endorsement
• Optional Surgical Removal Costs Endorsement for implantable medical devices
• Self-initiated recall & government-initiated recall triggers
• Worldwide coverage

Submission Requirements:

• Signed & dated Product Recall supplemental application
• Five-year currently valued Product Recall & General Liability company loss runs
• Copies of the following:
  • Any FDA, CPSC, or other government agency citations or recalls
  • Your product QA procedures & recall plans
  • Current declarations page
• Website information or product catalog