Nearly 3,000 recalls were issued by the FDA in 2014 and almost every week yet another company or product brand faces a recall catastrophe.
In response, ACE Group announced a series of policy enhancements to further strengthen its ACE Recall Plus and ACE Recall Plus for Small Business coverage, to provide clarity and context to both first-time buyers and tenured clients alike.
"ACE Westchester is always listening to our clients’ feedback and working to deliver the kind of coverage that they have come to expect from us, to help ensure they are protected from the financial and reputational threat of any type of covered product recall, including voluntary," said Florian Beerli, Senior Vice President, ACE Westchester Product Recall.
"As product recalls continue to dominate the news and pose risks for our clients, it is our aim to adapt our products to meet our customers’ needs."
The new and improved policy terms include:
Coverage for voluntary, involuntary, and mandatory stock recoveries, market withdrawals, and/or recalls
Limits as low as $50,000
Minimum premium of $1,000
$5,000 (for small business) or $10,000 minimum self-insured retention for a $1 million primary limit
Up to $15 million in limits available
Mr. Beerli continued, "Beyond providing product recall services and products to our clients, we strive to adequately educate them about the very real risks of a product recall. By refining the terms of our policy forms and offering consultative and educational services within a single comprehensive solution, we are achieving this goal."
ACE Westchester offers three distinct insurance policies for businesses in the component parts, consumer goods, and consumable products sectors. ACE Westchester’s product recall policyholders also have access to product recall consultants on a pre- and post-incident basis.
These flexible, customized and tailored consulting services, also unique to ACE Westchester, provide the business owner with a business partner who knows both the pitfalls and implications of product recalls and insurance coverage.
ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 54 countries, ACE provides commercial and personal property and casualty insurance, personal accident supplemental health insurance, reinsurance, and life insurance to a diverse group of clients.