Lexington Insurance Company, a member company of American International Group Inc. (AIG), has introduced RecallResponse, coverage for first-party expenses and third-party liability arising from the recall of finished or component goods. The policy is provided as a supplement to Lexington’s product liability insurance.
RecallResponse can cover product recall expenses alone or can be expanded to cover liability to third parties arising from the recall. Insurable expenses can include the costs of notifying customers, shipping and disposing of a recalled product, repairing and replacing the product, and refunding customer payments. Expenses associated with extra warehousing and extra personnel to support a recall can be insured as well. Coverage can be extended worldwide.
Lexington also provides policyholders with access to attorneys who specialize in the legal and regulatory aspects of product recalls.
Lexington’s product liability insurance is available on a primary or excess basis to numerous types of companies, ranging from food processing and packaging to durable goods manufacturing.
For more information on RecallResponse, e-mail firstname.lastname@example.org.
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