Liabilities

Manufacturers, distributors, fixed facility owners, and related organisations can secure versatile pollution insurance programs that focus on helping to mitigate risk in continuously changing environmental landscapes.

Does your product liability insurance cover the real costs of a product recall?   

During the last years consumers became more and more aware of the dangers of products and the requirements of governments and buyers are strengthened. The globalization has led to a more complex supply chain that is difficult to manage. Products are often pulled out of the distribution chain and the financial consequences of product recall increase.  A recall action does not only entail financial consequences, but also loss of the value of the recalled products, loss of turnover and market share and defamation of the company reputation.

AIG offers a wide range of cover possibilities in the case of a product recall, following accidental or intentional contamination. This insurance meets financial losses entailed by a recall action. The insured person can enjoy also assistance and advise from specialised recall consultants, loss control engineers, incident response support from consultants of NSF.

Details

Cover

• Accidental contamination, including wrong labelling
• Governmental recall (relating to health criteria)
• Intentional contamination by a third party or employees
• Product tampering
• Recall costs (made by the insured or by third parties)
• Destruction costs
• Replacement costs
• Business interruption (loss of gross profit of the insured)
• Redistribution costs
• Rehabilitation costs
• Extortion costs

Who is it for?

Production and trade companies in the food, beverage and cosmetics industry.

Main Exclusions & Important Information  

• Contamination arising out of genetic modification of any insured product, TSE, carcinogens  
• Exceeding of the expiration date of any  insured product
• Design costs
• Intentional violation of regulations in connection with the manufacture, sale or distribution of any insured product
• Civil and penal fines
• Nuclear contamination

This site only contains an overview of the most important coverages and exclusions. Only the general and specific conditions (“Insurance Policy”) provide an accurate, binding, description of the covers and exclusions. It is necessary to fully analyse the Insurance Policy, as well as all other relevant documents with contractual and pre-contractual information before any decision to buy, underwrite, adhere to, accept, sign or conclude an insurance agreement.

Important information

Here you will find information about how to request a quote with detail of premium calculation, the general and specific conditions, and/or other relevant documents with contractual or pre-contractual information, the duration of the insurance policy, the applicable law and jurisdiction, how to file a complaint or reach the ombudsman, etc.