Product Recall Insurance

Chubb Recall Plus®for Component Parts

  • The perfect coverage for the new or established business owner.
  • Coverages are made-to-order allowing policyholders to select "add-on" coverages based on their needs or their budget.
  • Crisis consultants available 24/7 via our emergency hotline.

For manufacturers of component parts, this policy offers flexible coverage designed just for them.

Coverage Highlights

Coverage

  • Coverages are made-to-order allowing policyholders to select "add-on" coverages based on what they need to have, what they would like to have, or their budget.
  • Crisis consultants available 24/7 via our emergency hotline.
  • 10% of net premium offered to policyholder annually to cover loss mitigation costs.

Minimums

  • $10,000 minimum SIR
  • $5,000 minimum SIR for small businesses

Limits

Chubb’s Product Recall unit has $15 million in limits available on a primary basis. We do have the ability to write policies with up to $20 million in limits by obtaining facultative reinsurance.

Client Profile

On a primary basis we are focusing on companies with sales up to $1 billion. Companies with sales in excess of $1 billion will be considered with either a high self-insured retention or on an excess basis.

Target risks are component parts which are used in the general manufacturing, automotive and aviation industry.

  • Type of risks considered included manufacturers, importers, distributors, exporters and wholesalers of component parts.
  • With regards to the automotive and aviation industry, we will only consider Tier 1-4 suppliers.
  • We can consider medical implants but only if we can exclude the medical costs associated with the replacement of the product.

NEW! Specialized Consultants, for Specialized Businesses

Small businesses have 24/7 access to product recall consultants on a post-incident basis allowing the small business owner to have a business partner who knows the pitfalls/implications of recalls and essential coverage in one package. Our specialized group of experts knows the regulatory challenges and product safety rules first hand:

Restricted Classes

  • OEM car manufacturers (e.g. Ford, Chrysler, Honda, etc.)
  • OEM aviation manufacturers (e.g. Boeing, Airbus, Embraer, etc.)
  • Finished products (completely manufactured products which are ready for sale and delivery to the marketplace) which fall under consumer goods

Forms/Applications