Product Recall Insurance: Understanding the Risks and Protecting Your Clients

A product recall can have serious financial, operational and reputational consequences for businesses of all sizes. Product safety issues can arise from manufacturing errors, contamination, faulty components, software failures, supplier issues, or allegations that a product may cause harm. When these events occur, organisations can face significant costs associated with identifying the problem, withdrawing products from the market, investigating the root cause, managing regulatory scrutiny, communicating with customers, maintaining operations, and protecting their brand.

This webinar will explore the product recall landscape, examining how recall events occur, the emerging risks facing manufacturers and distributors, and how insurers are responding to new exposures. Delegates will also gain practical insight into how product recall policies operate in practice and how brokers can confidently discuss this increasingly important cover with their clients.

Learning Objectives

By the end of this webinar, delegates should be able to:

• Explain the various ways recalls can occur and the exposures businesses face.
• Describe how a product recall policy would respond, protect and assist a customer following a recall event.
• Identify the emerging risks facing businesses and the endorsements being developed to address new exposures.
• Confidently recommend product recall insurance to suitable clients.

Speaker Biography

Michael Lilley, Product Recall Team Leader, CFC

Michael is an ACII-qualified Chartered Insurer with 13 years' experience in the insurance industry, including over 10 years specialising in product recall underwriting. He leads CFC's Product Recall team and works closely with brokers to help clients understand and transfer recall-related risks across a wide range of industries.