For manufacturers of component parts, this policy offers flexible product recall insurance coverage designed just for them.
Product Recall Insurance for Component Parts Coverage Highlights
- Coverages are made-to-order allowing policyholders to select "add-on" coverages based on what they need to have, what they would like to have, or their budget.
- Crisis consultants available 24/7 via our emergency hotline.
- Minimums:
- $5,000 minimum SIR
- $2,500 minimum SIR for small businesses
- Limits:
- Chubb’s Product Recall unit has $5 million in limits available on a primary or excess basis. Additional capacity may be considred on a case by case basis.
- Restricted Classes:
- OEM car manufacturers
- OEM aviation manufacturers
- Finished products (completely manufactured products which are ready for sale and delivery to the marketplace) which fall under consumer goods
Product Recall Insurance for Component Parts Client Profile
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.
- Type of risks considered included manufacturers, importers, distributors, exporters and wholesalers of component parts.
- With regards to the automotive and aviation industry, we will only consider Tier 1-4 suppliers.
- We can consider medical implants but only if we can exclude the medical costs associated with the replacement of the product.
Specialized Consultants, for Specialized Businesses
Businesses have 24/7 access to a network of specialized product recall consultants on a post incident basis. Our group of experts are leading industry professionals who are familiar with the regulatory challenges and nuance of the product recall market.