Recalls are a nightmare for all involved. The consumers, investors, and companies involved can all agree—they hate recalls. Consumers often face the inconvenience of faulty products or much worse—injuries, illnesses, and even death. For manufacturers, suppliers or investors, product recalls can wreak havoc on brand reputations, bottom lines and share prices. Let’s look at the… Read more »
The threat is real! Protect your clients—help them be proactive While companies face many types of risks, a product recall can be devastating and extensive. An event can change a company’s financial profile, market performance, and reputation—even cause bankruptcy, criminal prosecution, or the company to shut down. Often, large corporations are better equipped to deal… Read more »
Emerging trends are prompting companies, big and small, to purchase coverage As the world becomes more complex and marketplaces continue to evolve and interconnect, risk management solutions, including product recall and contamination coverage, have become essential to business survival. Companies of all sizes, not just larger businesses, are feeling the pressure to be proactive about… Read more »
While the first half of 2020 has seen a decline in product recalls due to the FDA’s lax of regulation pressure during the pandemic, the FDA recently released its “New Era of Smarter Food Safety: Blueprint for the Future” as a warning that the pressure will soon return with greater force…. Read more »
In today’s world, product recalls affect about every type of business enterprise As the marketplace evolves with new business models, expanded global supply chains, and imported goods from all around the globe, this list continues to grow. When it comes to our food and beverage system, businesses that manufacture, distribute, sell or serve food products… Read more »
Product recalls can be extremely costly and complex as well as damaging to a company’s reputation. Why would your client want to take this risk? Often times, companies believe their general liability (GL) or product liability (PL) insurance policies will cover product recall losses when in fact, it is often excluded. For example, GL does… Read more »
Companies often underestimate the overall cost of a product recall/contamination and furthermore, many manufacturers are exposed to large recall events because they insist on purchasing only product liability coverage. They often view product recall insurance as a ‘discretionary’ coverage as they face pressures to increase margins and reduce costs. Not wise, since product recall costs… Read more »
Product recall events are real and the facts are alarming Product recalls/contamination outbreaks can be one of the most damaging events a business can encounter. Companies are often prepared for general business risk management, yet frequently fail to address large-scale product recall endangerment. To complicate matters, the regulatory environment is constantly evolving which puts them… Read more »
Did you know, according to the latest statistics from the Center for Disease Control (CDC), approximately 48 million people in the U.S. (1 in 6) get sick, 128,000 are hospitalized, and 3,000 die each year from foodborne illness*. New FDA authority impacts recalls In 2011, the Food Safety Modernization Act (FSMA) was enacted to proactively… Read more »
There is a big misconception within the product recall marketplace that causes many companies to believe they have sufficient coverage. In fact, they may not have coverage at all or the limited coverage they do have is just scratching the surface. Unfortunately, this provides a false sense of security when companies believe they are protected… Read more »