Access to Specialized Product Recall Consultants for Pre- and
Post-Incident Counsel, Loss Mitigation Services, and 24/7 Emergency
Availability as Number of U.S. Product Recall Occurrences Increase
PHILADELPHIA--(BUSINESS WIRE)--
Product recalls have significantly increased in frequency and cost in
recent years, causing serious financial and reputational risks for small
businesses. However, many small businesses have been unable to access
sufficient coverage through existing market offerings. Recognizing this
unmet market need, ACE
Westchester, today announced the introduction of ACE
Recall PlusSM for Small Business, which is unique in the
industry because it offers customized product recall coverage for small
businesses.
ACE Recall Plus for Small Business is available to companies with
revenues of up to $25 million, and allows policyholders to select
coverage based on their needs and obligations. ACE Westchester’s
expanded product recall coverage options protect the insured’s balance
sheet by reimbursing for covered financial losses resulting from a
recall. This coverage also provides advisory services that can help
small businesses respond quickly and effectively to protect their brand
name.
“Product recalls can be complex and expensive for any business,
particularly for a small business, and product recalls are more costly
now than ever before,” said Florian Beerli, Senior Vice President, ACE
Westchester Product Recall. “While it takes years for a business to
develop its brand reputation, it can take only moments for that
reputation to be tarnished.” Mr. Beerli noted that in September 2014,
The Consumer Product and Safety Commission issued 25 product recalls,
nearly one recall for every day of the month, and Food and Drug
Administration data shows that there has been a surge in product recalls
reported to the agency this year.
He added, “For a small business, a product recall incident can be
devastating, causing financial disaster and potentially forcing a
business to close its doors, but until now current market offerings made
it difficult for small businesses to buy standalone product recall
coverage. We’ve listened to the market and responded with our Recall
Plus for Small Business insurance, which addresses this critical
industry need.”
Three Distinct Insurance Policies
For the small business segment, ACE Westchester now offers prepackaged
solutions with lower self-insured retentions and lower limits than are
typically available in the market. ACE Recall Plus for Small Business
offers three distinct insurance policies:
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Component Parts: Reimburses the financial loss from a covered
insured event resulting from the use of component parts in the general
manufacturing, electronic, medical device, automotive and aviation
industry.
-
Consumable Products: Reimburses the financial loss resulting
from a covered insured event in the food and beverage, cosmetics and
pharmaceuticals industries.
-
Consumer Goods: Reimburses the financial loss resulting from a
covered insured event in the areas of appliances,
electronics/electrical, clothes, furniture, household goods,
children’s products, outdoor goods and products, sports/exercise
equipment and products.
ACE Westchester’s small business policyholders will have access to
product recall consultants on a pre- and post-incident basis. These
flexible, customized and tailored consulting services, also unique to
ACE Westchester, provide the small business owner with a business
partner who knows both the pitfalls and implications of product recalls
and insurance coverage.
The above is a product summary only. The insurance policy actually
issued contains the terms and conditions of the contract. All products
may not be available in all states and surplus lines products can only
be offered through licensed surplus lines producers.
ACE Westchester is part of ACE Group, which is one of the world’s
largest multiline property and casualty insurers. For more information
about ACE Westchester, please click
here. With operations in 54 countries, ACE provides commercial and
personal property and casualty insurance, personal accident and
supplemental health insurance, reinsurance, and life insurance to a
diverse group of clients. ACE Limited, the parent company of ACE Group,
is listed on the New York Stock Exchange (NYSE: ACE) and is a component
of the S&P 500 index. Additional information can be found at www.acegroup.com,
or follow ACE on Twitter, https://twitter.com/ACEGroupNA.
Source: ACE Group