For manufacturers of component parts, this policy offers flexible product recall insurance coverage designed just for them.
Product Recall Insurance for Component Parts Coverage Highlights
- Coverages are made-to-order allowing policyholders to select "add-on" coverages based on what they need to have, what they would like to have, or their budget.
- Crisis consultants available 24/7 via our emergency hotline.
- Minimums:
- $5,000 minimum SIR
- $2,500 minimum SIR for small businesses
- Limits:
- Chubb’s Product Recall unit has $5 million in limits available on a primary or excess basis. Additional capacity may be considred on a case by case basis.
- Restricted Classes:
- OEM car manufacturers
- OEM aviation manufacturers
- Finished products (completely manufactured products which are ready for sale and delivery to the marketplace) which fall under consumer goods
Product Recall Insurance for Component Parts Client Profile
On a primary basis we are focusing on companies with sales up to $1 billion. Companies with sales in excess of $1 billion will be considered with either a high self-insured retention or on an excess basis.
Target risks are component parts which are used in the general manufacturing, automotive and aviation industry.
- Type of risks considered included manufacturers, importers, distributors, exporters and wholesalers of component parts.
- With regards to the automotive and aviation industry, we will only consider Tier 1-4 suppliers.
- We can consider medical implants but only if we can exclude the medical costs associated with the replacement of the product.
Specialized Consultants, for Specialized Businesses
Businesses have 24/7 access to a network of specialized product recall consultants on a post incident basis. Our group of experts are leading industry professionals who are familiar with the regulatory challenges and nuance of the product recall market.
Related Resources
Contact
Have questions about product recall insurance or need more information, email us at recall.info@chubb.com.