Product recalls in the pharmaceutical sector have surged in recent years. Pharmaceutical companies face unique challenges where products pose significant health risks as well as to brand and reputation.
We have helped develop a global pharmaceutical recall insurance product providing a broad, exclusive and cost-effective solution.
We offer bespoke recall insurance covering exposure from manufacturing, packing and/or distribution. These exposures make the sector more vulnerable to recalls from contamination and mislabeling errors which can significantly damage the corporate brand and balance sheet.
We offer some of the broadest coverage in the market and are able to include both damage and non-damage triggers.
WHAT WE DO
We can help provide cover for the following risks:
- Product mislabeling
- Microbiological contamination
- Chemical contamination
- Product has been mixed up and not repurposed
- Omission to an active ingredient
- Deliberate or accidental tampering
- Lack of sufficient labelling/information
- Government recall
- Covering prescription and non-prescription medication
- Customer loss of profit
- Adverse publicity
- Non-air tight containers leading to deterioration
- Product extortion
- Design error