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Crump Introduces Product Recall Insurance Facility

Crump Insurance Services, part of Crump Group, has introduced a new products liability form targeted to the manufacturing industry and designed to cover financial losses resulting from product losses. The PRODUCTSplus includes not only protection for the general liability and recall expense components including first party loss of income, it also provides access to crisis management services.

The company said that instead of reimbursing the insured for crisis management expenses, the facility has retained the services of a third party consulting firm that specializes in product recall corrective action management.

In addition, the products liability form helps the insureds receive assistance with every component of the recall process, as well as crisis support on how to address customer needs and to safeguard the insured’s reputation. It provides financial protection and logistical planning, as well as assistance with any communications to consumers, the public, and the media. It also helps insurance agents and their manufacturing clients to assess and manage their product recall risks.

David Fiske, senior vice-president of Crump, said: PRODUCTSplus is an excellent example of Crump’s ability to work with carriers to develop insurance products to meet the evolving risk management needs of an industry. Recent high-profile product recalls make it clear that these situations can be costly, and since most recall policies do not offer crisis management services directly, PRODUCTSplus offers a unique level of protection.”