XL Catlin’s insurance operations announced the launch of its Consumer Products Recall solution. It has been designed to meet the needs of manufacturers of a broad range of consumer products including toys, clothing, household goods, electronics and sports equipment, the company said in a statement.
“Evolving regulation in the UK and abroad, and increased awareness of consumer safety and the recall process, has culminated in manufacturers recalling more products than ever before,” said Mark Hutton, XL Catlin’s head of Product Recall for the UK & Ireland – Insurance.
“Increasingly, these manufacturers are turning to the insurance industry, not only for risk transfer solutions but also to make use of our risk engineering and crisis consulting capabilities offering mitigation and post-loss support,” added Hutton.
He continued: “We are also offering Response XL Catlin as part of this solution – our dedicated network of crisis consultants on call 24 hours a day, because the impact of a recall on brand reputation can be severe, and we know from experience that having the right help on hand is crucial to minimizing the damage.”
Quoting the UK-based manufacturers’ organization EEF, Andrew McMellin, XL Catlin’s chief executive for UK & Ireland – Insurance, said: manufacturing employs 2.6 million people, contributes 10 percent of gross value added and accounts for 44 percent of exports.”
“It’s not surprising then, that when a product recall occurs it makes headlines, sometimes around the world. While the automotive and food & beverage sectors are already buying product recall insurance coverage, there is a real requirement for a tailored solution for consumer product manufacturers. That is why we are very pleased to offer our new solution,” McMellin went on to say.
Available in the UK, effective immediately, the coverage complements XL Catlin’s existing product recall solutions, dedicated to fulfilling the needs of automotive and food and beverage clients, the company said.
Source: XL Catlin
Topics Manufacturing AXA XL
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