CFC Underwriting, the London-based specialist managing general agent, announced it has upgraded its product recall suite of coverages.
The new extensions include regulatory advisory coverage which addresses the emerging need for coverage in the recall market for outbreaks and public health warnings. Given the upward trend in investigations, CFC said its solution plugs the gap for health scares and “do not consume” types of consumer advice from official bodies and regulatory authorities. CFC said this provides “businesses with a much needed lifeline to what is an increasing threat.”
“The risk environment is constantly evolving, creating previously unforeseen new exposures for the insurance industry to address. By extending the triggers and breadth of our product recall suite to address the real-world needs of our clients, CFC is delivering a market-leading solution that provides comprehensive cover to protect their company, their product and the viability of their ongoing business,” said Natasha Catchpole, crisis management practice leader for CFC.
In addition, CFC’s enhanced product recall suite now includes recall costs as a result of an intellectual property infringement, cover which has become increasingly important in today’s consumer-driven, brand-aware society, CFC continued.
CFC has also added cover for animal by-product contamination where animal DNA is found in vegan or vegetarian products. It also covers products advertised as guaranteed Kosher or Halal, which are found to fail the religious standard and need to be recalled and destroyed.
“Recalls of any kind can impact cash flow, squeezing a company’s ability to pay staff, purchase raw materials or even continue production,” continued Catchpole. “While many companies have adequate cover from third party lawsuits, they often do not consider how they would safeguard their own day-to-day business costs. Our revamped suite provides them with the protection they need.”
CFC’s has also added cover for government plant suspension and product tamper for financial gain.
Source: CFC Underwriting
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