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While not purchased as often as other casualty coverages, there are many situations where protection against the expense of recalling a product from the market makes sense. Whether driven by government requirements or the contractual requirements of the end user, product recall insurance offers customers in the consumer product space, OEMs and others a way to help protect the balance sheet against what can be a costly, complicated process.
The Brown & Brown Casualty team has experience working with major insurers to help develop specific programs based on individual customer needs. We have placed coverage for companies across a range of industries, including:
While product recall insurance coverage helps give our customers protection against financial loss from a voluntary or involuntary recall (government-mandated recall due to a specific run of production), it just as importantly helps them sell with confidence to their customers.
Having a knowledgeable specialist to help develop a product recall insurance program also allows our customers to more easily meet specific product and contractual requirements.