Do you Need Product Recall Insurance?
A key financial risk is the exposure to a product recall
A key financial risk is the exposure to a product recall
A liability insurance program will not respond to a defect in the product, as the liability insurance responds to resulting injury or damage.
The consequence of this for a client is that the cost, administration and brand damage triggered by the recall can often be greater than the injury / damage.
Regulation 90 of the Australian Consumer Law relates to the cost associated to the supplier of the product to undertake the repair, replacement, re-provide the service / part and recompense the consumer. This cost is generally a self insured cost on the client.
Insurance can respond to the event (the defect) that triggers the need to repair / replace, which is often referred to as a Contaminated Product or Product Recall insurance policy.
A key financial risk is the exposure to a product recall, on the basis of a contamination, mislabelling, or malicious activity. Insurance programs can be created to provide protection against Accidental Contamination, Malicious Product Tamper or Product Extortion and we recommend that you consider this area of risk.
What are the Potential Insured Events?
What losses can be covered?
A manufacturer of chilled foods was contacted by their retailer customer, who advised several customer complaints had been reported of possible contamination of the dessert products. As the manufacturer was a small company with a turnover of only several million dollars, the contamination incident had the potential to cause a large loss to its bottom line.
Once a contamination was identified, it was agreed that the products needed to be withdrawn from sale as they posed a threat of injury if consumed.
The following kinds and magnitudes of losses are typical of this type of incident:
The cost of a crisis Management consultant can also be considered to provide expect advice right from the start, as well as helping to protect your brand and business reputation.
Toll free: 1800 245 123
Phone: (03) 9835 1300
info@abcountrywide.com.au
Level 2, 35 Dalmore Drive
Scoresby VIC 3179
Toll free: 1800 245 123
Phone: (03) 5625 1015
drouin@abcountrywide.com.au
3 Bank Place, Drouin VIC 3818
Toll free: 1800 245 123
Phone: (03) 5662 4222
leongatha@abcountrywide.com.au
63 Bair St, Leongatha, VIC 3953
By purchasing online:
• You are expected to self-manage your policy.
• There is no advice provided by Austbrokers Countrywide.
• You will need to manage your own claims directly with COVERMORE by calling 1300 728 822.
• If you need to make changes to the policy, you will need to contact COVERMORE on 1300 728 822.
By purchasing online:
• You are expected to self-manage your policy.
• There is no advice provided by Austbrokers Countrywide.
• You will need to manage your own claims directly with CHUBB by calling 1800 803 548.
• If you need to make changes to the policy, you will need to contact CHUBB on 1800 803 548..
By purchasing online:
• You are expected to self-manage your policy.
• There is no advice provided by Austbrokers Countrywide.
• You will need to manage your own claims directly with EMERGENCE by calling 1300 799 562.
• If you need to make changes to the policy, you will need to contact EMERGENCE on 1300 799 562
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By purchasing online:
• You are expected to self-manage your policy.
• There is no advice provided by Austbrokers Countrywide.
• You will need to manage your own claims directly with Austbrokers Life Solutions by calling 1300 161 635.
• If you need to make changes to the policy, you will need to contact Austbrokers Life Solutions on 1300 161 635.