Ironshore launches contamination recall insurance service
Ironshore Pembroke Managing Agency is offering product contamination recall insurance, focusing on risk exposure within the food and beverage industries.
The programme was developed in response to the increasing volume of consumption product recalls averaging 25 to 30 incidents per week on a global basis.
Contamination and subsequent recall occurrences can be triggered by accidental human error, malicious product tampering and product extortion throughout the manufacturing and distribution processes.
Pembroke’s product contamination recall cover provides insurance protection for incident response expenses associated with product withdrawal, communication and rehabilitation costs on a first and third party basis.
Business interruption coverage for gross income loss is available for a period of up to 12 months from the actionable event. Additional coverage for reimbursement of expenses is obtainable for government recall demand and adverse publicity exposure.
Coverage can be underwritten at pricing minimums of $10,000 per $1 million of coverage, with policy limits available of up to $15 million.
“With due diligence and corporate governance in place, companies within the food and beverage industries cannot completely remove the risk of human error, product tampering or other influencing factors that activate a product recall,” said Adam Parsons, divisional director of product recall. “Our policy indemnifies for rehabilitation costs and loss of income to protect client cash flow and resolve satisfactory product reinstatement in the wholesale and consumer marketplace.”
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