Product Recall Expense Insurance
PRODUCT RECALL EXPENSE INSURANCE
Removing a product from the market because of a recall can be costly. It also can quickly become a crisis. Failure to immediately remove a dangerous product from the marketplace can hurt you financially and allow potentially harmful products to remain the market.
This coverage is designed to protect a business’ financial standing, reputation and bottom line. You may purchase up to 1 million dollars in product recall expense. The coverage can pay for expenses to communicate the recall, including mail and media announcements. Additional staffing and overtime reimbursement or travel expense incurred in handling the recall, cost for additional storage space, disposal expense if required, and cost to repair or replace your product.