What is Product Recall Response?
The threat of a product recall is becoming increasingly prevalent for many industries. Whether voluntary or involuntary, a product recall can be very costly – not only to a company’s balance sheet but also to its brand reputation. A product recall can affect all companies involved in the commerce chain, including processors, distributors, and retailers.
AIG’s product recall insurance offers the flexible coverage needed in order to protect a company against this risk. Each policy is tailored specifically for each client based upon individual needs and considerations, including quality control measures, past recall history, packaging processes and current recall protocols.
Why does your business need Product Recall Response?
A few common examples:
- A food processing and packaging company recalls thousands of jars of peanut butter after discovering that moisture caused by faulty sprinklers in the plant led to a salmonella outbreak.
- A manufacturer and supplier of wet pet food must recall 60 million cans after it is revealed that wheat gluten used in their production was tainted with melamine leading to hundreds of reports of pets becoming sick or dying, numerous class action lawsuits, and millions of dollars in lost sales.
The AIG Advantage
- Dedicated claims personnel are available from the first notice of loss and can provide global support
- Unwavering capacity is available up to $10 million
- We have strong relationships with exceptional independent adjusters, forensic accountants, and coverage counsel globally to assist with understanding local government product regulations and requirements
- Combines a long-established market commitment, client service, and industry knowledge to address the unique risks of the Canadian food and beverage industry
- Integrates a wealth of historical knowledge and expertise to write consistent high-quality policies responsive to specific client needs
- Provides client coverage on a worldwide basis