Beazley prepares to launch new product recall insurance in the US
Beazley will launch a new product recall insurance policy for private enterprises in the US in the second quarter of 2020.
The company has appointed a new underwriting team specifically to support the offering, which is based in Farmington, Connecticut. Florian Beerli serves as product lead, with Angela Ives, Jae Pak and Alex Marti joining as underwriters.
Beazley Product Recall will be available to US-domiciled companies and will cover both large and small risks, though it will primarily focus on risks with up to $100 million in revenue.
Beerli said: “The exposures related to product recalls are an ongoing and increasing occurrence, regardless of size and industries. They pose a significant impact for a company’s balance sheet and brand reputation.”
Kathryn Janofsky, head of Beazley’s US private enterprise division, noted that manufacturers and producers of all sizes are operating in a climate of increased regulatory and legal scrutiny. “Small-to-medium-sized enterprises face the added pressure of financial and operational consequences in the event of a product recall,” she said. “There is significant need to have comprehensive protection in place, and we are thrilled to have a team dedicated to meeting the demand in this market segment.”
Beazley will offer the new product recall insurance as a standalone product and as a complement to existing specialty lines products such as BioSecure, Beazley’s innovative offering to the life sciences industry.