Nearly 3,000 recalls were issued by the FDA in 2014 and almost every
week yet another company or product brand faces a recall catastrophe.1
In response, ACE Group today announced a series of policy enhancements
to further strengthen its ACE
Recall Plus® and ACE
Recall Plus® for Small Business coverage, to provide
clarity and context to both first-time buyers and tenured clients alike.
“ACE Westchester is always listening to our clients’ feedback and
working to deliver the kind of coverage that they have come to expect
from us, to help ensure they are protected from the financial and
reputational threat of any type of covered product recall, including
voluntary,” said Florian Beerli, Senior Vice President, ACE Westchester
Product Recall. “As product recalls continue to dominate the news and
pose risks for our clients, it is our aim to adapt our products to meet
our customers’ needs.”
The new and improved policy terms include:
-
Coverage for voluntary, involuntary, and mandatory stock recoveries,
market withdrawals, and/or recalls
-
Limits as low as $50,000
-
Minimum premium of $1,000
-
$5,000 (for small business) or $10,000 minimum self-insured retention
for a $1 million primary limit
-
Up to $15 million in limits available
Mr. Beerli continued, “Beyond providing product recall services and
products to our clients, we strive to adequately educate them about the
very real risks of a product recall. By refining the terms of our policy
forms and offering consultative and educational services within a single
comprehensive solution, we are achieving this goal.”
ACE Westchester offers three distinct insurance policies for businesses
in the component
parts, consumer
goods, and consumable
products sectors. ACE Westchester’s product recall policyholders
also have access to product recall consultants on a pre- and
post-incident basis. These flexible, customized and tailored consulting
services, also unique to ACE Westchester, provide the business owner
with a business partner who knows both the pitfalls and implications of
product recalls and insurance coverage.
The above is a product summary only. The insurance policy actually
issued contains the terms and conditions of the contract. All products
may not be available in all states and surplus lines products can only
be offered through licensed surplus lines producers.
1 - http://www.fda.gov/downloads/ICECI/EnforcementActions/UCM443198.pdf
About ACE Group
ACE Group is one of the world’s largest multiline property and casualty
insurers. With operations in 54 countries, ACE provides commercial and
personal property and casualty insurance, personal accident supplemental
health insurance, reinsurance, and life insurance to a diverse group of
clients. ACE Limited, the parent company of ACE Group, is listed on the
New York Stock Exchange (NYSE:ACE) and is a component of the S&P 500
index. Additional information can be found at www.acegroup.com,
or follow ACE on Twitter, https://twitter.com/ACEGroupNA.
ACE®, ACE logo®, and ACE insured® are
trademarks of ACE Limited.
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