Product Liability
Covers the cost of damage to persons or property caused by a defective product
Howden has offices in 30 countries and a network of partners in more than 60 locations. Whether you’re a multinational looking for a broker that’s truly global, or a smaller business looking to insure your local needs, we can help you.
No matter how careful your manufacturing process, accidents can happen. Faulty machinery, user error, or even damage in transit can result in defective products. And with tough contracts passing costs up the supply chain, it often falls to manufacturers to pick up the bill when an item is recalled.
Most of the Recall insurance on the market is unexpectedly limited. While the title might sound good, the small print excludes many of the risks that your company faces – leaving you without protection when you need it most. At Howden, we tailor our policies to the exact needs of our clients. Our experience working with suppliers, OEMs and finished product manufacturers gives us a thorough understanding of the exposures our clients face. We analyse contractual demands, supply chains, and manufacturing processes to ensure that your policy will respond to how and when you need it to – every time.
Covers the cost of damage to persons or property caused by a defective product
Covers the cost of trying to avoid that damage before it can occur
If one of your products is recalled a Howden policy can, for example, cover the cost of:
Legislation in various countries requires the manufacturer to withdraw and recall dangerous products, inform the regulatory authority, and ensure that anyone in possession of the product knows of its safety concerns. This can be expensive, time-consuming, and harmful to a company’s reputation. Comprehensive insurance can protect you from the fall-out
Don’t be let down by off-the-shelf Recall Insurance. We have seen cases where a company’s policy excluded the very product they manufactured, and where the largest costs of a recall incident were excluded.