STARR offers Product Recall coverage to help retailers, producers, and distributors protect themselves from the costs of recalling a faulty product.
Increasingly stringent enforcement of regulations and the public’s demand for safe products require greater care than ever in today’s global marketplace. Whether it’s a defective component part you purchase, a hazardous product you manufacture, or a false report asserting a product you sell to be unsafe, there are various incidents that can have a significant impact on your company’s image and bottom line.
Starr Companies Product Recall Insurance (PRI) policy is designed to help manufacturers, retailers, importers and distributors of consumer goods and component parts manage threats to their products, brands, reputation and financial sustainability. PRI protects you from a wide range of potential events which could have a devastating impact on your business.
We create customized accident insurance solutions to offer people protection through a range of distribution channels.Target Risks
- Insured Event Triggers: Recalls resulting from Product Defect, Malicious Product Tampering, Insured Products Extortion
- Covered Losses: Crisis Consultant Costs, Business Interruption Expense, Destruction Costs, Insured Product Extortion Costs, Pre-Recall Expenses, Insured's Product Recall Costs Redistribution Costs, Rehabilitation Expenses, Replacement Costs, Defense Costs
Additional Coverages Available
- Customer Loss of Gross Profit or Third-Party Recall Liability
- Impaired Property Coverage
- Forensic Accounting and Claims Services
- Additional endorsements available upon request
- Up to $25,000,000
- Primary and Excess capacity available
Self-Insured Retention (SIR)
- Minimum SIR of $25,000
- Varies depending on the risk profile
- Worldwide coverage available for U.S. based risks
- 24/7 Crisis Response Hotline
- 24/7 access to Starr-retained consultant Red24
- Pre-incident Consulting Services available by Red24
- Dedicated Starr Account Service Manager
- Internal Claims Department
Reach out to Starr for more information on how a Starr solution can work for you:
Contact our Crisis Management team at Crisismanagement@starrcompanies.com