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Member, Beacon International Group, Ltd.
ATLANTA—ACE Westchester has announced a new stand-alone product recall underwriting unit.
The insurance covers recall and consultant costs with its basic policy, the wholesale insurance division of ACE Group Holdings Inc. announced in a statement Tuesday.
Additional coverage can be added on to the basic product up to the full policy limit, or can be sublimited depending on client needs. These add-ons include replacement costs, loss of gross profit, governmental recall and adverse publicity.
Policies are available up to $10 million, but higher limits are offered on an as-needed basis. Besides covering restaurants for foodborne illness, the product covers companies involved with the manufacturing, distribution, exportation and wholesale sales of component parts, consumer goods and consumable products.
“The exposures related to product recalls have become an ongoing occurrence in many industries, not just the food and beverage industry, and they pose a significant liability for a company's balance sheet and overall brand reputation,” Bruce Kessler, division president at ACE Westchester, said in a statement.
The company said Florian Beerli is overseeing the new unit as senior vp, product recall underwriting, North America. He reports to Mr. Kessler.
Previously, Mr. Beerli was vp of crisis management at Crum & Forster Holdings Corp. He is based in Woodbridge, Conn.
For more information, contact Mr. Beerli at florian.beerli@acegroup.com or 678-234-8885.