Beazley has introduced its product manufacturing risk and response offering to Singapore and the greater Asia-Pacific region. The new product lineup provides protection from manufacturing errors and recall risks.
The product is written for component parts, consumer goods and consumable businesses, Beazley said.
Beazley has formed a Singapore-based team to administer the product. It is headed by Jae Pak, an experienced product recall underwriter at the company.
“The exposures related to manufacturing errors or product recalls are ongoing in occurrence globally, regardless of the size of the company or where they reside in the supply chain,” Pak said. “These exposures pose a significant risk to a company’s balance sheet and reputation, which is why it is so important that it is launching over here now.”
Beazley’s manufacturing risks and response coverage can help manufacturers protect their businesses and customers. When a manufacturing error or recall incident occurs, the policy reimburses insureds for the associated costs of taking their product out of the market, replacing it, as well as the expenses for protecting their brand. The policy also provides coverage to protect the insured’s profits and any third-party damages.
“Our solution includes offerings for any component parts and consumer goods,” Pak said. “Adding this to our existing suite of products in the Asia-Pacific region strengthens our portfolio and provides clients global expertise, local claims handling, and experienced and innovative underwriting capabilities in product recall.”
Beazley said it is also finalising a consumable form and clinical trial gap coverage form that will be available later this year.
