Ironshore Specialty Casualty has added Third Party Product Recall Cost Endorsement as an enhancement to its primary general liability coverage form for commercial clients. The new endorsement covers specified costs incurred by a direct customer of the insured in the event that a recall must be ordered as defined in the endorsement. The coverage applies on a first dollar basis and provides a separate limit of $50,000 per policy.
Ironshore’s Third Party Product Recall Cost Endorsement indemnifies the insured for reasonable and necessary costs incurred as a direct result of a product recall for a period of up to twelve months following the recall action. Ironshore provides reimbursement for related expenses, such as communications and media notifications, cancellation of promotional advertising and retail shelf slotting fees. Coverage extends to the actual costs incurred for responsible disposable of named product in addition to the value of the recalled or destroyed product that cannot be reused, distributed or salvaged.
Ironshore’s Pembroke Managing Agency’s Lloyd’s Syndicate 4000 also offers Product Recall Policy coverage for distinct markets through its specialist team of commercial underwriters.
Ironshore provides broker-sourced specialty property and casualty insurance coverages for varying risks located throughout the world. Select specialty coverages are underwritten at Lloyd’s through Ironshore’s Pembroke Syndicate 4000.
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