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

Three Years running - Insurance Brokerage of the Year 1 to 5 staff

Mandy and Robert Cooper were extremely honoured and astounded to once again win, Insurance Brokerage of the Year for 2020 from Insurance Business Australia magazine. This is the third year running.

While this year has not been the easiest of years for the business with Covid 19, the Recession, the hard market and issues at Lloyds of London, we are literally all in this together as an Insurance Industry.

CPR Insurance Services continues to make our clients the number one focus of our business while managing our relationships with Insurers, who we need more than ever in this market climate.

CPR Insurance Services are a highly ethical Brokerage with a reputation as a trusted advisor who always acts in the Client's best interests. Their experience, knowledge and expertise is amongst the highest in the industry.

CPR Insurance Services is now ten years old as a business and is proud of being an Authorised Representative of Ausure and their partnership with Steadfast, giving CPR the strength and backing to match it with any Broking firm in the Insurance Industry, but remain focussed on supporting the Small to Medium business segment.

Memberships of the National Insurance Brokers Association, Australia and New Zealand Institute of Insurance and Finance, Australian Insurance Law Association, Australian Professional Indemnity Group and the Australian Institute of Company Directors, ensures CPR Insurance Services maintains the high standard of knowledge and expertise required to be one of the best Brokerages in Australia.

CPR Insurance Services also plays a strong role in their local community supporting other Sporting Clubs and Community organisations. They also support and promote local businesses with their operation of the Kedron Brook Business Group who meet regularly and has 174 members.

We are truly honoured to receive this National award once again for the third year as a recognition of CPR Insurance Services contribution.

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Finalist for QLD Broker of the Year

Robert Cooper was honoured to be nominated as a finalist for Queensland Insurance Broker of the year for 2020, as part of the National Insurance Brokers Association. Unfortunately he missed out on the ultimate award but is a reflection of the high standard that the industry now has for such awards.

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