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Ironshore Inc.’s Pembroke Managing Agency Ltd. said it will offer product contamination recall insurance.
The coverage offered by the Lloyd’s of London managing agent will focus on exposures in the food and beverage industries and respond to the increasing amount of consumption product recalls that now average 25 to 30 incidents per week globally, Ironshore said Monday in a statement.
Pembroke Managing Agency’s product contamination recall coverage provides incident response expenses associated with withdrawing a product and communication and rehabilitation costs on a first- and third-party basis.
Up to 12 months of business interruption coverage for gross income loss is available and limits can be as high as $15 million, according to the statement.
“With due diligence and corporate governance in place, companies within the food and beverage industries cannot completely remove the risk of human error, product tampering or other influencing factors that activate a product recall,” Adam Parsons, Surrey, England-based divisional director of product recall at Pembroke Managing Agency said in the statement. “Our policy indemnifies for rehabilitation costs and loss of income to protect client cash flow and resolve satisfactory product reinstatement in the wholesale and consumer marketplace.”
Data from U.K.-based law firm Reynolds Porter Chamberlain has revealed that product recalls in the country increased by 26% to reach an all-time high of 310 in the year ended Oct. 31, 2015, The Guardian reports.