Product Liability, Contamination and Product Recall Insurance
COO & Co-Founder
COO & Co-Founder
Product recall is defined as “insurance coverage for the cost of getting a defective product back under the control of the manufacturer or merchandiser that would be responsible for possible bodily injury (BI) or property damage (PD) from its continued use or existence.”
With global consumer standards constantly on the rise, product recalls are becoming a harsh reality for many businesses. In 2012, the FDA recalled 9,469 products, the most EVER in history. Product Recall insurance is a must have for any company providing consumer goods.
So lets explore…
No, it isn’t. Product Liability insurance does not include recalls. There is an exclusion in most product liability insurance policies that excludes coverage for damages arising from the withdrawal, inspection, repair, replacement, or loss of use of an insured’s product should it be recalled.
There are added risks for companies just starting out because they may not have their supply chain perfected. Here are some tips and tricks to handle this sticky situation:
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Product liability insurance is an extremely important piece to the risk mitigation puzzle, particularly for startups that sell a tangible product. Usually included in a General Liability policy (though sometimes offered standalone), product liability insurance protects your company from lawsuits related to bodily injury or property damage caused by product defects. Whether you’re e-commerce or brick