10th January 2017/ CFC NEWS
CFC launches product recall scheme for BIBA members
Having been the approved cyber insurance scheme provider for over a decade, we’re pleased to announce the launch of our new product recall scheme for members of the British Insurance Brokers’ Association (BIBA).
Product recall is a crisis management tool for companies wanting to ensure business continuity in recall and contamination situations, and the new scheme will help BIBA member sell this insurance more effectively.
Suitable for businesses operating in a wide range of industries, the scheme offers two policies tailored for specific sectors. A product recall policy for manufacturers and distributors of non-food consumer products and automotive parts, and a contaminated product recall policy for food, drink and personal hygiene manufacturers.
Exclusive benefits for BIBA members include an increased provision for pre-incident consultancy work of 3.5% of gross premium, compared to standard offering of 2.5%, to assist with crisis management and business continuity. The scheme also provides marketing and training support and we will offer sub-limits for ‘retailers’ expenses’ extension to BIBA members’ clients to cover fines and penalties.
Mike Hallam, BIBA’s Head of Technical Services, said: “A product recall can be a worrying prospect for any business, with the potential for not just financial loss, but significant damage to their brand and reputation. We are pleased to offer this product to members with enhanced benefits and the support that they need to sell this complex product.”
Our product recall policies are unique in that they also include cyber product tamper and software product safety – increasingly important areas of cover in the age of the Internet of Things.
Patrick Brice, our Business Development Director, said: “We’re very excited to launch our second BIBA scheme, reflecting our commitment to helping members access specialist insurance products, expertise and education on emerging risks in a simple way. We look forward to working even more closely with BIBA and their members in 2017.”
A webinar is available to BIBA members who want to learn more about this scheme on Friday, 7 April 2017 and more information on the new scheme is available at https://www.biba.org.uk/members/biba-schemes/product-recall-insurance.