The financial impact of product recalls can be highly damaging. In many cases, product recall expenses are excluded under standard product liability insurance policies and so little, if any, cover is provided for a client’s loss.
Liberty’s PRplus insurance policy offers broader protection. Additionally, the policy can be varied to meet the specific needs of an organisation, including additional cover (such as Product Guarantee) and limits to match exposures.
At a glance
- Types of products we cover:
- Kids toys
- Electronic products
- Whitegoods
- Power tools
- Bicycles
- Kids and adult clothing
- Home and office furniture
- Machinery
- Other items usually found in a home or factory
- Insured events:
- Defect
- Government recall
- Malicious product tampering
- Covered losses
- Pre-recall costs
- Mitigation expenses
- Recall costs
- Third party recall costs
- Defence costs
- Replacement, repair and refund costs
- Extortion costs
- Consultant and advisor costs
