Product recalls have received much media attention in recent years. They have involved a wide variety of food products, beverages, automobiles, drugs, medical devices, clothing, toys, household appliances, furniture, tools, sports equipment, consumer electronics and other goods/products. The reasons for these recalls vary from design defects, contamination and misbranding to unacceptable levels of potentially harmful substances contained in the products or their components.
Companies engaged in manufacturing, importing, exporting, wholesaling or retail sales of any products are well aware of the devastating consequences of product recalls such as direct financial costs, loss of consumer confidence, damaged reputation or loss of “brand” value and negative impact on shareholder value.
BFL CANADA has the experience and full market access to all the specialty insurers that offer “product contamination and recall expenses” insurance coverage.
We are committed to understanding the business operations of our clients in order to help them identify and assess their risk exposures. Such understanding is a prerequisite to providing sound risk management advice regarding risk control, risk transfer and risk financing strategies and techniques.
For those clients who may be facing the potential risk of “product contamination or recall”, the specialists at BFL CANADA are ready to provide expert advice and risk management solutions.