About This Coverage

Most companies invest a great deal in creating a product and, ultimately, a brand consumers will trust. While it takes years to establish a strong reputation, damaging it can happen literally overnight.Most companies invest a great deal in creating a product and, ultimately, a brand consumers will trust. While it takes years to establish a strong reputation, damaging it can happen literally overnight.
Human error, contamination, undeclared allergens, tampering or manufacturing issues: they can all cause a product to be recalled.
The result? Expensive product withdrawal and replacement, business interruption costs, not to mention long-term loss of reputation and earnings. The toll can cripple any business. No matter how stringent the manufacturing and distribution process, no company can ever completely remove the element of human error or prevent their business from being subjected to a malicious product tamper.
Product Recall Component Parts insurance is designed to protect clients from financial losses in the event of a recall, and works with clients to prevent such incidents from happening.
Coverages are made-to-order, allowing policyholders to select "add-on" coverage, based on their needs, what they would like, or their budget.

State Eligibility


Eligible State

State Not Available

Industries Available


  • Manufacturing

Coverage Limits


Up To

$50M

Minimums


  • Minimum premiums as low as $1,000

Key Features


  • Recall costs and consultant costs
  • Voluntary, involuntary and mandatory stock recoveries, market withdrawals and/or recalls

Preferred Classes


  • Companies With Sales In Excess Of $1 Billion Will Be Considered, With Either A High Self-Insured Retention, Or On An Excess Basis
  • On A Primary Basis, Companies With Sales Of Up To $1 Billion
  • Risks Considered Include: Processors, Manufacturers, Importers, Distributors, Exporters, And Wholesalers
  • Parts Used In The General Manufacturing, Automotive, And Aviation Industries
  • Cosmetics
  • Food & Beverage
  • Pharmaceutical
  • Tobacco
  • Children's Products
  • Clothes
  • Electronics/electrical
  • Furniture
  • Household Goods
  • Outdoor Goods and Products
  • Sports or Exercise Equipment and Products

Restricted Classes


  • OEM car manufacturers (e.g. Ford, Chrysler, Honda, etc.)
  • Nutraceuticals (including dietary supplements)
  • Energy drinks
  • Animal feed
  • Products sold or distributed in bulk (like grain or sugar)
  • Products that are incorporated as a component, or constitute a part of any third party's products or goods
  • Fireworks
  • E-Cigarettes
  • Drop-Side Cribs
  • Medical implants
  • Automotive and Aviation Industry, only tier 1-4 suppliers will be considered
  • OEM aviation manufacturers (e.g. Boeing, Airbus, Embraer, etc.)
  • Pet food

Eligible Vehicle Types


Trucks

Trailers

Vans & PPVs

Liability Coverages


Underwriting Guidelines


Additional Coverage Options


  • Replacement Costs
  • Loss of Gross Profit
  • Extra Expenses
  • Extortion Costs
  • Rehabilitation Expenses
  • Consequential Damages
  • Defense Costs
  • Adverse Publicity
  • Ingredient Coverage

Submission Requirements


  • Applicable Company Product Recall Application
  • Recall Plan (if any)
  • HACCP Plan (if applicable)
  • Quality Control / Assurance Plan, including SOPs, GMPs
  • Six Sigma Protocols
  • Lean Manufacturing Protocols
  • Corrective Action Protocols
  • Crisis Management Plan
  • Financial Statement
  • Send submissions to quotes@ospreyuw.com