Product Recall
Aspera has access to product recall insurance for Life Sciences and General Products sector consumable, commercial, and consumer goods to fit a wide range of small-to-midsize manufacturers and importers with $100,000 to $500,000,000 revenue. Our team can help craft creative solutions for your hard-to-place Recall accounts and can offer unique coverages tailored to emerging risks.
Target Classes
- Aircraft and drone parts
- Blood and tissue banks
- Clothing
- Cannabis
- Consumer electronics
- Electronic cigarettes and tobacco
- Firearms and ammunition
- Food products
- Pet foods and toys
- Pharmaceuticals and nutraceuticals
- Sports and recreation goods
- Toys and games
Minimum premiums:
$1,000 – $250K/$250K
$1,500 – $1M/$1M
$10,000-$5M/$5M
Primary Policy Structure
Policies are written through a non-admitted carrier with a Financial Strength Rating of A (Excellent) by A.M. Best
- Claims-Made with cut-off date Recall Liability and Recall Expense
- Policy limits up to $5M available on primary basis
- 12, 24, and 36-month ERP options available
- Deductible and participation percentage options available
Excess Policy Structure
- Follow-Form coverage
- Up to $5M in capacity
- Available on an unsupported basis
Primary Coverage Enhancements
- Optional Additional Coverage – Loss of Income due to Loss of Reputation with Optional Extra Brand Remediation Expenses
- Optional Cyber Security Consultant Costs Endorsement for “smart” products and digitally connected medical devices
- Optional Fair Trade Recall Trigger Endorsement
- Optional Pre-Recall Monitoring Expenses Endorsement
- Optional Surgical Removal Costs Endorsement for implantable medical devices
- Self-initiated recall and government-initiated recall triggers
Submission Requirements
- Signed and dated Life Sciences Recall or General Product Recall supplemental application
- Five-year currently-valued company loss runs
- Copies of the following:
- Any FDA, CPSC, or other government agency citations or recalls
- Current Declarations Page for cut-off date continuity
- Your product QA procedures and recall plans
- Website information or product catalog
Availability
You can get Product Recall insurance through us in the following states:
Submission Requirements
- Signed and dated Life Sciences Recall or General Product Recall supplemental application
- Five-year currently-valued company loss runs
- Website information or product catalog
- Copies of the following:
- Any FDA, CPSC, or other government agency citations or recalls
- Current declarations page for cut-off date continuity
- Insured's product QA procedures and recall plans