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American International Group Inc. has launched NOVI, a web-based service to help companies estimate the cost of recall incidents.
The insurer also has expanded its available accidental contamination coverage limits to $35 milllion, AIG said in a statement Tuesday.
The product was launched in response to the growing financial impact and frequency of product recalls for food and beverage manufacturers, distributors and importers in the U.S. and Europe, according to the statement.
The expenses companies face from product contamination requiring a recall can include replacement and destruction costs and lost profit from plant shutdowns, government intervention and brand damage, the insurer said in the statement.
NOVI provides food and beverage companies an estimate of their probable maximum recall loss in the event of product contamination. The estimate uses more than 80 data points and a methodology based on the insurer's experience providing contamination insurance, analysis of recall incidents and input from a food safety consultant, NSF International, according to the statement.
"NOVI helps food and beverage manufacturers make more informed decisions about how to manage their risk," Nicky Alexandru, vice president of crisis management, global casualty, AIG property/casualty, said in the statement. "These companies are generally aware of the frequency of product recalls. However, they are unsure of the potential magnitude of financial impact from a recall event."