Property and casualty player unveils new product recall insurance wording

Property and casualty player unveils new product recall insurance wording | Insurance Business

Property and casualty player unveils new product recall insurance wording
Catlin has gone live with a new consumer durables product recall wording, designed to meet the increasing demand for product recall insurance.

Catlin has witnessed demand rise for product recall insurance for electronic/electrical items, home wares, building materials, toys and component parts and this is driven by factors such as contractual obligations from wholesalers and retailers and increased focus from consumers and government authorities regarding quality and safety.

The wording offers comprehensive defect cover, with product design and manufacturing error covered up to full policy limits; expanded government recall cover with no onus on the Insured to prove a defect has actually occurred, and a broader appetite, with the ability to consider all consumer durables and component parts on a case by case basis.

Catlin’s line size is up to USD25m.

Steve Ward, specialty lines underwriting manager at Catlin Australia, stated:  “An increased focus on product safety from both consumers and various government authorities has meant that product recall insurance for consumer durables is now more important than ever before.

"We are pleased to bring to the market an enhanced product offering that we believe will assist companies across the whole supply chain in both protecting their brand and reputation as well as providing balance sheet protection.”