Only a week after the launch of Corporate travel the team are back at it again, be it in the background for months, on the launch of yet another class of insurance, Product Recall and Product Contamination insurance. With the addition of these new classes onto the system, users can now research 14classes of General Insurance through their LMI RiskCoach Subscriptions.
The reasoning behind the addition of this all-important class is to erase the misconception held by many small to medium businesses that believe that Product recall and contamination covers are included as part of their Product Liability insurance which is, of course, not the case with product liability insurance not covering the recall costs but rather just the liabilities arising out of the incident.
The new content touches on a vast number of areas including policy features, coverage and malicious tampering. It also goes into detail around the regulations under the Competition and Consumer Act of 2010 (CCA) that deem any importer of items into Australia to be the manufacturer, this relates to a huge product recall exposure that many of these businesses do not know they are accepting and could easily mean the end of their business.
The system not only points out the risks associated with Recalls and Contamination but provides Risk Management steps which can be easily implemented into any business faced with these exposures. These steps will significantly reduce the chances of an event occurring and assist in managing the process more efficiently and effectively should a recall occur.
With recall costs on the rise it has never been a better time to have this class added to the RiskCoach system and more importantly to have that discussion with the insured.
One last final note, a big thank you to all of those involved who have made this happen. We have a lot of people working away in the background that make these services and improvements possible! Thank you again!