The risk of a product recall has increased exponentially in recent years. Global regulatory standards have increased in number and new product safety rules are implemented constantly.
These developments are positive for consumers, but for companies they produce more stringent product quality obligations. This challenge is greater today than ever before, as supply chains are geographically widespread and manufacturing protocols and standards are not synchronized on a global basis.
Human error being what it is, mistakes inevitably will occur. While most large organizations purchase product recall insurance, many other businesses do not. Based on current developments, and the benefit that this product provides to insureds, we believe that a decision not to purchase product recall coverage can have devastating repercussions.
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