Category: Product RecallsSeptember 12, 2019
Most product recall policies don’t pay for damages when the same type of product being recalled is grown, produced or shipped by another company. Product refusal of coverage is an endorsement that provides financial protection for recalls.
Category: Product RecallsAugust 19, 2019
Recalls involving defective products are most often defined as voluntary. However, the term “voluntary” can be confusing, creating the impression that a company or manufacturer has decided to recall a product strictly as a precautionary or quality-control measure.
Category: Product RecallsJuly 11, 2019
A company’s brand reputation can take years to build — and be damaged quickly in the wake of a product recall.
Out of the top 20 priority reputational risks that every company should monitor, the Reputation Institute identifies five risks that are directly related to product recalls.
Category: Product RecallsJune 12, 2019
The number of product recalls has increased exponentially over the past 10 years. Unfortunately, when a recall occurs it is often prohibitively expensive, affecting a business both financially and reputationally. Whether your client’s exposure is manufactured goods or food-related products, having the right insurance coverage for every recall situation is critical.
By: David Fiske – Senior Vice President, Worldwide Facilities
No matter how you look at the data, companies across all sectors are more at risk for product recalls than ever—and the cost is rising. In 2014 alone, the National Highway Traffic Safety Administration (NHTSA) issued $126 million in fines—the most in its history.