For manufacturers of component parts, this policy offers flexible product recall insurance coverage designed just for them.
Chubb’s Product Recall unit has $5 million in limits available on a primary basis. We do have the ability to write policies with up to $15 million in limits by obtaining facultative reinsurance.
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.
The base policy wording includes recall costs, consultant costs, and defense costs, and all other coverages can be added on via endorsement.
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