Policy includes add-ons such as using in-house risk teams
Zurich Global Corporate has announce the UK launch of its Product Safety and Recall insurance proposition on the back of the Toyota troubles.
Zurich said the move was is in response to increasing customer demand and to compete against the standardised solutions currently available.
The insurance protection offers broad cover to compensate customers for the financial impact of a product recall incident, arising through a breach in product safety controls, malicious product tampering or product extortion.
The policy adds a range of complementary consultancy services, including those provided by Zurich's in-house risk engineering experts. The consultancy services are designed to assist customers' crisis planning and response capabilities.
Simon Plumridge, head of product recall said: "Businesses are facing increasingly complicated product safety challenges, which commonly feature more stringent legal and regulatory environments, extended supply chains and greater consumer awareness.
“Our integrated Product Safety and Recall solution will present a relevant and flexible approach to suit customers' needs. We are particularly proud to be the only insurer with ‘in-house' consultancy through our colleagues in Zurich Risk Engineering.
“This is a testament to the depth of product recall expertise at Zurich which is now being delivered to our customers through this comprehensive offering."