Specialist insurer Beazley has announced the introduction of a new product-recall insurance policy for private enterprises in the US, with a planned launch in the second quarter. Beazley has appointed a new underwriting team specifically to support the program. The team, based in Farmington, Conn., includes:
Beazley Product Recall will be available to US-domiciled companies. The policy will cover a range of risks, with a primary focus on risks with up to $100 million in revenue.
“The exposures related to product recalls are an ongoing and increasing occurrence regardless of size and industries,” Beerli said. “They pose a significant impact for a company’s balance sheet and brand reputation. Our offering will provide what clients need to help protect their businesses and customers. We’re delighted to join Beazley, where our new offering will complement the existing specialist offerings.”
“Regardless of size, manufacturers and producers are operating in a climate of increased regulatory and legal scrutiny,” said Kathryn Janofsky, head of Beazley’s US private enterprise division. “Small to medium-sized enterprises face the added pressure of financial and operational consequences in the event of a product recall. There is significant need to have comprehensive protection in place, and we are thrilled to have a team dedicated to meeting the demand in this market segment.”
Beazley will offer the product-recall insurance as a standalone product and as a complement to existing specialty lines products.
