XL Catlin introduces solution for consumer products recall
XL Catlin has introduced a consumer products recall solutions as part of its insurance operations, designed to meet the needs of manufacturers for a range of consumer products including toys, clothing, and household goods, electronics and sports equipment.
The coverage complements XL Catlin’s existing Product Recall solutions dedicated to fulfilling the needs of automotive and food and beverage clients.
Mark Hutton, XL Catlin’s head of product recall for the UK & Ireland, insurance, said: “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.
“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.
“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 minimising the damage.”
Andrew McMellin, XL Catlin’s chief executive for UK & Ireland, insurance, added: “According to the manufacturers’ organisation EEF, UK manufacturing employs 2.6 million people, contributes 10 percent of GVA (gross value added), and accounts for 44 percent of total 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.”
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