They say two heads are better than one, but Beazley has managed to roll three different product offerings into its new product recall offering which has now rolled out in the Canadian market.
With Evan Pollock having joined the company as lead product recall underwriter last month, the insurer feels that its offering is further enhanced and will be among the market leaders.
“Our product recall team has been diligently working over the last several months on creating an innovative product recall insurance solution that provides what clients need to help protect their businesses and customers,” said Pollock.
“Our solution includes three different product offerings: consumable products, consumer goods and component parts. We are excited to add this offering to our existing suite of products here in Canada, and are looking forward to using our experienced and innovative underwriting capabilities to help provide our insureds with the comprehensive coverage needed for their industry.”
Pollock’s words were backed by Florian Beerli, head of specialty risks and US programs at Beazley, who noted that the coverage reimburses clients for the costs they insure to get their product “out of the stream of commerce and replace it.”
“This is a real lifeline to companies who would otherwise suffer huge financial loss, not to mention brand erosion,” Beerli concluded.
