McLarens adjusters include a number of former product recall underwriting and broking professionals; as such they have the in depth expertise and resources to adjust product recall losses and evaluate policy language.
Our adjusters, specializing in product recall, are industry recognized leaders in handling product recall claims and are regularly requested by insurance companies, brokers and educational organizations to present on the topic.
Specialty Product Recall coverages are purchased to mitigate the financial impact of a product being withheld and/or recalled from the marketplace. These claims can be highly complex, requiring extensive product recall knowledge and expertise.
Product recall claims usually involve manufacturers, distributors and brand owners of products such as:
Topical & Consumable Goods
- Food & Beverage
- Medical Devices
- Nutraceuticals and Nutritional Supplements
Consumer Goods & Component Parts
When handling a product recall loss, consideration needs to be given to:
- Initial customer contact and immediate needs
- Setting expectations
- Investigation needs and key focus issues
- Evidence preservation
- Other vendors needed, e.g. forensic accountants
- Identification of potential policies triggered
- e.g. Product contamination v. Commercial general liability and/or stock throughput
- Coordination of insurance coverage
- Scope of damages
- Inventory Loss and Logistical Costs
- Replacement, Repair & Refund Costs
- Extra Expenses
- Loss of Gross Profits & Sales Rehabilitation
- Customer Economic Loss