Success is built on trust
Customers trust your products. But what if your products have to be withdrawn from the market because of public health concerns?
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Recall
If there is a hair in the butter, recall the butter
When products need to be recalled, you have a recall insurance needed to cover these costs. Because they add up fast.
Think about:
- search costs
- research and take out
- replacement cost
- destruction costs
With the complexity of production chains and logistics, as well as increasing laws and regulations, companies face an increased risk of product recalls. The laundry list of costs associated with a recall are endless.
With the right insurance, this need not mean the end of your business.
Why do I need contamination insurance?
Recall, a step backwards for your reputation?
After all the complex steps to bring a product to market, it is surprisingly easy to undo all that hard work.
Negative reports about your product and company spread like wildfire. This does considerable damage to your corporate image. Regaining consumer confidence is no easy task.
Product liability insurance does not cover recall costs
Think loss of revenue, reputation restoration, product relaunch, research costs, storage costs, destruction costs, transportation costs, and more.
These costs can quickly add up to several hundred thousand euros. Get your stick with contamination insurance.
Innovation deserves encouragement
With the security of recall insurance, your company dares to take risks and develop innovative products. Because you are protected against possible recalls.
What does recall insurance cover?
Recall insurance assumes the cost of withdrawing recalled products from the market, destroying them and replacing them with equivalent products.
Moreover, it also covers, among other things:
- gross profit loss
- repair costs for your image with customers and distributors
- analysis costs
- expert fees
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Frequently asked questions
Discover the most frequently asked questions about this insurance. Over the years, we have collected this information and summarise it here. Easy, right?
Is recall insurance the right choice for my business?
Recall insurance is especially important in the food, beverage and cosmetics industries.
Protect your brand and your financial stability with the right coverage.
Materné prepares the risk analysis so you can make the right decision.
What are examples of possible exclusions within a recall insurance policy?
Each insurer provides its own list of exclusions. Therefore, it is always important to consult your own policy.
Possible exclusions:
- genetic modification of the product
- expiry date exceeded
- design costs
- deliberate violation of manufacturing laws
- sales or distribution
- fines
- nuclear contamination
Are all costs linked to a recall insured? e.g. costs for replacement of the recalled products?
No, this depends on the type of policy you take out. Sometimes the cost can be limited to recall.
At Materné, we thoroughly analyse your needs and expectations. So that we can offer appropriate insurance solutions.
I have product liability insurance is this not sufficient?
This insurance intervenes only if your defective product causes physical or property damage to others and is therefore necessary.
But why wait until it is too late?
As a business owner, you can act proactively and recover costs with Recall Insurance, before third parties suffer damage.
What is essential to quote for recall insurance?
There are several factors that determine premiums. Everything starts with the transfer of your recall plan.
We will then contact you to gauge your needs and expectations. We will engage in a dialogue to find a suitable insurance solution for you.
Other solutions for optimal coverage
Take the uncertain as the sure thing and discover our insurance policies that perfectly match it.