We at LMI are pleased to announce that the research team at LMI PolicyComparison.com have released product recall as from today 15th July 2014, as a new product class on which comparisons are available on the features and benefits of the various policies in the Australian Market.
There is no extra fee payable for the service and it will be available to all those that subscribe to PolicyComparison.com as from today.
A number of brokers have requested this increasingly important class of insurance be compared and our claims services team have seen the need for this as policies do vary greatly as to what is covered and what is not.
Many clients think that product recall is covered under their Product Liability policy. In some cases a third party recall may be covered but in the main, a Product Liability policy only covers against liability arising from the product, not the product itself nor a product recall. I do appreciate that some business packs have started to include a basic Product Recall cover which provides some limited coverage. Like most policies this is typically not as comprehensive as a stand alone policy that is specifically designed and rated for the coverage.
This is also one of the products that I wished there was greater certainty of contract as there are one or two insurers who suggest they provide coverage for claims preparation services but in my experience never allow it when a client seeks to avail themselves of the protection.
We would like to place on record our thanks to Ron Tatarka and the team from Scott Winton Insurance Brokers who provided us with user feedback during our development of the comparison template.
The comparison template and comparisons were a collabroative effort of primarily Jenny Williams and Sharron Walker of LMI PolicyComparison and Max Salveson of LMI PolicyDrafting Services. Others were also involved. Thanks team.
As always we at LMI Group and the LMI PolicyComparison.com team would welcome your feedback and details of any other policies you would like to see included on the site. Please feel free to email us at expert@LMIGroup.com
The team are also working on a comparison of cyber products and this will be available soon. We will post an news article on this site when it is ready to go.