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Even when safety and quality assurance best practices are followed, the unfortunate truth is that all manufacturers and distributors face the risk of a product recall. The most effective means of protecting a business from a financially damaging recall is a combination of preventative controls and product recall and contamination insurance.
As the frequency and severity of recalls continues to increase due to enhanced testing and traceability as well as regulatory changes, its more critical than ever to partner with a wholesale insurance broker with market knowledge and expertise in this complex space.
AmWINS' product recall specialists are recognized as the country’s leading product recall, contamination, and food-borne illness insurance experts. We’re dedicated to helping businesses understand and manage their product recall risks. We partner with retail insurance agents and brokers to provide insurance and risk management solutions to manufacturers and distributors nearly any product or size.
Along with the proper pre-incident and crisis response preparation, our solutions will ensure that your clients are recall ready.
Product recalls are one of the most damaging events a business may encounter. In order to effectively respond to an incident, companies must be prepared with proper risk management strategies. As policy wording varies, it's also critical to ensure your clients have the right policy type in place to appropriately address their first- and third-party exposures.
The Casualty market’s response to COVID-19 is continuously evolving. With a wide array of factors already impacting this sector pre-crisis, segments of the Casualty marketplace are responding to the pandemic differently. In this article, our industry specialists share overall themes in the Casualty market and take a closer look at how various segments are being impacted.
In November 2018, the FDA released new guidance on how and why it will utilize its statutory power to mandate recalls under the Food Safety Modernization Act (FSMA). To adapt to the new requirements, companies face a financial burden related to improving technology and allocating appropriate labor. This article provides insight into the FSMA and the importance of an insurance policy that responds to government intervention and mandated recalls.
The number of food contamination recalls continues to grow at a record-setting pace. In large part, the exponential increase in food recalls is a result of government regulatory bodies’ growing use of Whole Genome Sequencing (WGS) to identify the source of the contaminants. This article discusses the revolutionary impact of WGS on the food production industry.
Ingredient manufacturers sell their product to other manufacturers who use it to make other products, some of which are ingredients themselves. This positions ingredient manufacturers uniquely in the event of a recall, since they may need to indemnify large financial losses sustained by multiple third parties.