The exposures related to manufacturing errors or product recalls are ongoing and increasing in occurrence regardless of a company’s size or industry. Beazley’s Manufacturing Risk & Response offering for the Asia- Pacific region is an innovative insurance solution that provides comprehensive protection businesses and customers need from recall risks.
When a manufacturing error or recall incident occurs, our comprehensive coverage will reimburse insureds for the exposures related to manufacturing errors or product recalls are ongoing and increasing in occurrence regardless of a company’s size or industry. No matter where a company resides in the supply chain, these exposures can pose a significant impact to a company’s balance sheet and reputation.
Our Manufacturing Risk & Response offering for the Asia-Pacific region protects businesses and customers from not only recall risks, but also covers the costs they incur to get their product out of the stream of commerce, replace it, as well as the expenses to protect their brand and mitigate the loss.
In addition to product replacement and brand reputation coverage, we also provide coverage to protect profits, as well as the damages incurred by a third party. We offer two products:
Component parts and consumer goods – all component parts for any industries (incl. Automotive, aviation, medical devices etc.) and any finished non-food products
Consumable products – all topical and ingestible products for human use or consumption
We help clients protect their businesses and customers when product recalls and manufacturing errors occur. Brokers and policyholders benefit from our global expertise, efficient claims handling, best-in-class consultants by line of business, and experienced and innovative underwriting capabilities.
We also provide clear and concise policy forms that provide greater clarity for clients, along with unique policy elements, and coverage for smaller businesses that other insurers overlook.
Component Parts and Consumer Goods:
Consumable Products:
BEING BOLD
Freedom lies in being bold. We dare to be different and seek bold possibilities to create more innovative, fair and satisfying outcomes for our clients, brokers and employees. From insuring the highest building in the world, to the first commercial lunar vehicle to operate on the moon - we boldly go where others won’t.
STRIVING FOR BETTER
Good is a start, but we go all-out for better. A driven community of individuals relentlessly push the needle and creating value. From launching the market’s first dedicated ESG syndicate to the establishment of our business unit focusing on designing digital insurance solutions, we pride ourselves on always going above and beyond. Simply put, at Beazley we go to 11.
DOING THE RIGHT THING
Acting with integrity in a straightforward, decent way is instinctive. Open and honest with others, we show respect and empathy however challenging the situation – demonstrated by our multi-award winning claims team. Doing the right thing makes for a fair-minded, rewarding environment and makes work and life better for all.
Toy Distributor - Policy Trigger - Defect​
The insured distributes infant and toddler toys manufactured in China. A packaging defect caused a component to loosen or break during transit, creating a choking hazard, and the Consumer Product Safety Commission (CPSC) recalled the product. Our policy covered the cost to recall, redesign, and replaced the product.
Hubcap Distributor - Policy Trigger - Defect​
The insured distributes hubcaps manufactured overseas for tractor trailers. When a design defect caused the hubcaps to fall off, the National Highway Traffic and Safety Administration (NHTSA) issued a recall. Beazley deployed crisis consultants to notify customers and collect defective hubcaps and engaged legal counsel, who specialize in working with NHTSA, to assist the insured with the recall, reporting and ongoing compliance. Total costs exceeded $300,000 policy limit.​
West Hartford, CT, USA
+1 (860) 677 3541
Email Florian
New York, NY, USA
+1 (212) 801 7181
Email Ryan
Singapore
+1 (656) 576 6274
Email Jessica
Singapore
+65 65 97 26 00
Email Jae
New York, NY, USA
+1 (212) 801 7152
Email John