Product recall insurance
Product recall insurance is intended for all producers except the food products sector where contamination insurance is to be used. The insurance minimizes the financial consequences of withdrawal from the market due to defective product. The number of product recalls increases from year to year. The cost of withdrawing the product from the market may be disproportionate to the price of the product as it depends mainly on the number of customers and the size of the market where they are located.
Product recall insurance includes coverage mainly for the costs of:
- withdrawal of insured products from the market (including information to customers)
- product replacement
- related business interruption
- resuming sales
- consultants‘ and advisors‘ services
- incurred in connection with extortion
Product recall insurance protects you especially in case of:
- withdrawal of the product from the market due to unintentional product defects (accidental omission of component, development error, etc.)
- Withdrawal from the market for intentionally caused defect
- extortion in relation to products
EUROVALLEY specialists will be happy to present you a specific quotation that reflects your individual requirements and needs.