Product recall and product integrity insurance
The protective standards that manufacturers, distributors and importers are obliged to comply with product safety. Such a requirement would ensure not only that the products are safe when brought onto the market but also that they remain safe for the duration of their life span.
Initially, the relevant statutory standards dealt with especially hazardous products such as drugs, food and electrical devices. Today, statutory standards embrace all kinds of consumer products.
As a result, there has been a tremendous escalation in demand for product recall insurance. Today, it is imperative that all insurers offer manufacturers, distributors and importers of consumer products commensurate cover in the form of product recall and product integrity insurance. This kind of insurance covers the costs of recalling unsafe, dangerous products which have been accidentally and/or maliciously tampered with.
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