Our underwriting edge
We might be a new name in the Product Recall space, but our underwriting quality and sophistication – the result of many years’ on the Product Recall front line – gives us the edge. Allied with a data-led underwriting approach that provides valuable insights into each risk we underwrite, we strive to address every client’s needs and requirements.
Our streamlined process also ensures we get quicker quotes for our brokers and their clients – we aim for a 24-hour turnaround.
What we underwrite
- Product Recall
Who we underwrite forPrimarily large, multinational programmes with proven risk management based in North America, Europe, UK and Australia in addition to Asia Pacific and emerging markets. We cover a broad range of industry sectors including food and beverage manufacturers, auto component manufacturers, restaurants, packaging, retailers, finished goods, and consumer durables.
Food and beverage manufacturersCovering first-party costs on a claims made basis, split between accidental contamination, and malicious tampering. Indemnity periods are usually for 12 months, providing balance sheet protection, recall costs, loss of profits, and crisis consultancy. Goods covered include topical and ingestible products, such as:
- Over the counter pharmaceuticals (OTC);
- Personal hygiene;
- Restaurants; and
Auto component manufacturers
Covering third-party recall costs incurred to recall the affected vehicle. Indemnity periods vary from 36 months to allow OEMs time to recall the vehicle per regulatory requirements. Businesses covered include:
- Tier 1 to 4 component part suppliers to auto and commercial vehicle OEMs.
Our serviceAs well as meeting the costs of a recall incident, Blu Niche’s Product Recall cover also provides the services of a third-party crisis management consultant for critical assistance; helping each client manage an incident so they can minimise reputational damage and quickly get their business back up and running.
- Costs covered
- Balance sheet protection to address loss of profit
- Minimal reputational damage with crisis consultants available via a 24/7 crisis hotline
We have a flexible approach and are happy to write primary or excess risks. Our line size is:
- Up to US$25 million.
Talk with us
If you’re a broker looking to place a Product Recall risk which fits within our underwriting criteria, talk to BluNiche and we’ll be delighted to quote. Or if you just want to go through the Product Recall options, we’re always happy to have a chat.