Tougher legislation, a growing number of recalls and amplified media scrutiny are driving increased interest in the market for Product Recall Insurance products, experts say.
Brokers and carriers are responding with heightened pre- and post-incident loss control efforts to ensure their clients can protect themselves, should a product recall or product contamination hit close to home.
The passing of the federal Food Safety Modernization Act (FSMA) in 2011, which tightened standards for food manufacturers in the U.S., has brought renewed interest among manufacturers and suppliers in Product Recall cover, says Louis Lubrano, senior vice president of the Global Crisis Management division of Liberty International Underwriters in New York.
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