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AIG South Africa, Product Recall Coverage |
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Overview
Product recalls present very real threats to many companies. Maintaining key business relationships, restoring production, assuring cash flow, and protecting the company's reputation are absolutely vital in a crisis situation such as a recall. Without appropriate handling, irreparable harm can be inflicted to a company's reputation and bottom line. Even if a company survives, shareholder and investor confidence in management may be destroyed. Public confidence in the product may waver. To meet the increasing need for protection in case of a product recall, AIG South Africa is promoting Product Recall coverage with AIG General Liability policies.
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Features
-Offered as an enhancement to AIG General Liability policies
-Coverage is provided for:
- Costs of product recall
- Product defect
- Malicious product tampering
- Consultant and advisor costs - including public relations and security consultants
-Expenses covered include:
- Advertising related to the recall - notifying customers and retailers
- Transportation and storage
- Additional staff to handle the recall
- Employee overtime
- Additional expenses incurred by employees
- Customer-incurred shipping costs for returning products
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Customer Profile
Manufacturers of finished goods or components that could be subject to a local, regional, or worldwide recall.
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Submission Requirements
For complete submission requirements contact Catia Folgore at AIG South Africa on +2711 408-6691.
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Last Updated
June 23, 2008 5:07 PM
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AIG.com
