Product Recall & Contamination
The product recall and contamination insurance market continued to expand and develop. Coverage is becoming more common place with an increasing number of companies purchasing polices to supplement their risk management programs. New carriers provided additional capacity and policy wording continue to develop around new exposures and case law. Several high profile events influenced the manner in which underwriters view and approach risks while regulators and the media continued to focus on issues of product safety.
2020 Emerging Trends in Product Recall and Contamination Risk Management
Aon’s annual Emerging Trends in Product Recall and Contamination Risk Management Report is a leading specialty insurance publication that examines the evolving exposures of product safety and how to best manage them. This report reviews many of the relevant issues around the public’s perception of product safety, the regulatory environment, as well as technological advancements that affect the risk of recall. Included are updates in market capacity, an overview of the insurance market for product recall insurance, as well as a summary on some of the prominent product recalls events that occurred globally in 2020. Learn more from our 2020 Emerging Trends in Product Recall and Contamination Risk Management.
Crisis Consulting Services
It is important to note the more rapidly you respond in an emergency and, in particular, the message being communicated to your customers, may influence the severity of the loss. In addition to risk transfer, recall contamination policies provide 24/7 access to crisis consultants who are available to assist you in managing the incident. Consultant fees and expenses are covered under the policy without the application of a deductible. These consultants are comprised of food safety and crisis communication specialists that work independently from the insurance company.
Crisis Management is part of Commercial Risk Solutions, the risk management and insurance brokerage side of Aon. Going beyond traditional risk transfer solutions, our global network of product contamination and recall specialists offers a full range of consultancy services, enabling clients to quantify their risk exposure and make informed decisions on the optimum balance between risk retention, risk management and risk transfer.
Global Solutions Through A Local Network
Our team of specialist brokers, crisis consultants and in-house claims management combines threat assessment, impact analysis and crisis management, and response with individually structured insurance programs. Our unique, consultative approach enables our clients to implement the most appropriate measures to meet their duty of care and better protect their balance sheet, people, brand and reputation.
Please do not wait until you have an actual crisis to reach out to Aon’s Crisis Management brokerage team to structure a program that addresses your particular risks and concerns. Being proactive is essential.