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.
For consumable products (everything ingestible and topical and for human consumption) the target industries are food & beverage companies, cosmetics, tobacco, and pharmaceuticals.
- The companies could either be processors, manufacturers, co-packers, bottlers, importers, distributors, packagers, wholesalers, suppliers of ingredients, etc.
- Products sold/distributed in bulk, like grain, rice and sugar etc., will only be considered on an excess basis.
- For pharmaceutical products, we will consider small to midsize OTC and generic drug manufacturers (second/third tier). RX drugs will be considered only if they have been available in the market for several years.
Small businesses have 24/7 access to product recall consultants on a post-incident basis allowing the small business owner to have a business partner who knows the pitfalls/implications of recalls and essential coverage in one package. Our specialized group of experts knows the regulatory challenges and product safety rules first hand: