The product safety landscape is constantly changing: Willis has the vision to step back and review the ‘big picture’ – where a given sector has been, where it is now and where the forces of technology, law, economy, politics and society will refocus its insurance needs in the future.
Willis has worked with specialist carriers and brokers over many years to develop Product Recall solutions. Such policies are driven by our understanding of the specific needs of our clients and are designed to respond to established exposure and, wherever possible, to identify and anticipate the unforeseen.
In a single year thousands (and the trend is increasing) of safety recalls are announced and instigated by companies and regulatory agencies across the global spectrum of industries and brands. Over many years, the Willis Product Recall Team and dedicated Claims division have successfully negotiated numerous claims across a range of type and magnitude.
Our specialist team provides access to the Product Recall markets for Willis clients: however, capacity and risk appetite is very much dependent on a combination of variables. For example, the domicile and history of the proposed insured and their suppliers, the exact nature of the products and the territories to which our clients’ products are sent.
The following four elemental categories of cover should be seen as the cornerstones of the Willis Product Recall architecture:
- Product Recall
- Product Contamination
- Product Guarantee
- Financial Loss
The speed of response can be the key difference between product-related losses being contained - or used as a platform to demonstrate the company’s robustness and commitment to transparency - and branding catastrophe.
Willis can provide access to the latest in-house and expert advice, claims protocols that can include a 24-hour response service and access to back-up facilities to wrap around our client’s own crisis response systems.