Consumer Product Recall
Axon’s Consumer Product Recall Insurance policy is designed to protect manufacturers of consumer goods in the event of a product defect or impairment.
With a rising trend in product recalls in the United States, Axon’s Consumer Product Recall Insurance protects the Insured from financial losses which can originate from a product defect, adverse publicity, government recall, malicious product tampering, product extortion demand or property impairment.
The coverage options target the economic impact deriving from recall efforts, replacement or restoration of products, third party recall, loss of gross profit, rehabilitation, marketing, and crisis expert response costs.
Insurance Event Options:
Adverse Publicity
Government Recall
Malicious Product Tampering
Product Defect
Product Extortion Demand
Property Impairment
Capacity:
USD $10 million per Insured Event / Policy Aggregate
Insured Losses:
Pre-Event Loss Mitigation
Pre-Recall Costs to Identify an Insured Event
Recall Costs
Third-Party Recall Costs
Third-Party Recall Liability Costs
Restore, Replace and Refund Costs
Crisis Response Costs
Loss of Gross Profit
Rehabilitation and Marketing Costs
Unsupported Product Recall Costs
Product Extortion Costs
Claims Preparation Costs
Submission Contacts:
Consumer Product Recall: Randy Esposito
Any questions can be directed to 908.947.0867.