Product Recall

Product Recall Insurance – What is it?

Product recalls continue to be a growing concern for manufacturers and consumers.Now there has never been a better time to consider product recall insurance. Can you afford not to cover yourself for this risk?

Product Recall Insurance can protect business from the devastating effects of such incidents by providing coverage for those expenses that occur before the product defect has resulted in damage to a third party.

 What can be covered?

The recall of your product in the market as a result of:

  • Defect
  • Government Recall
  • Malicious Product Tampering
  • Product Extortion

Given the cost of a recall can be incurred by the manufacturer and importer right through to the wholesaler, distributor, exporter or retailer, you need cover right across the supply chain.

Most traditional recall extensions do not provide cover for the major costs of a recall such as Business Interruption, Replacements Costs, Rehabilitation Expenses or Extortion. It has been the case that these extra covers can account for almost 65% of the total cost arising from a particular Product Recall.

The policy covers the key expense areas which arise following a recall including:

  • Business Interruption
  • Replacement Costs
  • Recall Costs
  • Consultants & Advisors Costs
  • Rehabilitation Expenses
  • Third Party Financial Loss
  • Extortion Costs

The policy also provides cover for the costs and expenses involved in engaging expert independent consultants & advisors who can assist in guiding the company through the critical first few weeks of an incident.

Examples of Product Recall situations

Recalls in the USA

Read our Product Recall FAQs

 Who can help?

An Insurance Broker who specialises in this cover can find the right Insurer for you with the most appropriate policy wording. An insurance broker's role is to act as your representative and work in your interests, seeking the best cover at the best price for you with their skill, market knowledge and experience. Call a good one.

Call CPR –Experts who will save you 

Latest News

CPR joins Ausure

We would like to announce to all our Clients, Prospective Clients, Suppliers and Insurers, that Cooper Professional Risks Pty Ltd trading as CPR Insurance Services, will be leaving National Adviser Services Pty Ltd (NAS) and joining Ausure Pty Ltd as a Corporate Authorised Representative from 5 March 2018.

Fundamentally, there is no difference to you, except our Invoices will look a little different, and the Banking details will be in a different name and account number. Everything else at CPR stays the same.

There are a number of reasons we have made this decision, but the primary reason is for what we believe is best for our clients.

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Special offer to CPR Insurance clients

Employsure are providing a FREE Business Health Check to all our clients and gives you the opportunity to receive an analysis of the health and safety requirements in your workplace. Also. Employsure  will review your employment agreements as well as your wage rates helping you to avoid workplace claims.

Ordinarily this would cost you at least $1,250 but because you are a CPR Insurance client, it is free!

It involves the following review for you.

SAFECHECK

A specialist Work Health and Safety Consultant will visit your workplace and carry out:

A review of your business’ current work health and safety policies, procedures and systems to identify areas of concern or non-compliance

Following the review, you will receive a report summarising the findings and the health and safety

Status of your workplace

WAGE CHECK

A Wages Adviser will review your rates of pay and produce a Wage Check report.

The review will be conducted against the industrial instrument applicable

A report will be supplied advising if the wages are compliant and what steps to take to achieve compliance

CONTRACT REVIEW

A Document Consultant will review an employment agreement and provide recommendations.

The review will highlight compliance issues with the Fair Work Act 2009 as well as best practice

The report will make recommendations to achieve compliance and provide protection to your business.

This will remove any areas of potential dispute and risk

So what do you have to lose? Contact us on 07 3123 1137 and arrange 

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