PHILADELPHIA, May 23, 2016 /PRNewswire/ -- Chubb Agribusiness has added Product Withdrawal Coverage to its package policy for businesses that grow, manufacture, and distribute consumable products. The new coverage insures the expenses as a result of a withdrawal initiated by the insured or a governmental authority.
"Product withdrawals in the U.S. now occur more frequently and are costlier than ever," said Philip Twietmeyer, Senior Vice President, "Companies must plan for a possible recall or withdrawal to minimize damage to their brand and bottom line. In the event of a product recall or withdrawal, Chubb's Built-In Product Withdrawal Coverage can help insureds address both the financial impact through insurance coverage and reputational damage through access to critical crisis management services."
Chubb Agribusiness' Built-In Product Withdrawal Coverage includes:
- Insurance for First-Party Withdrawal Expenses if the insured determines that a product withdrawal is necessary or a governmental authority has ordered a product withdrawal.
- Insurance for Third-Party Withdrawal Expenses that the insured is legally obligated to pay as damages because of a product withdrawal.
- 24/7 Access to Product Withdrawal Consultants on a pre- and post-incident basis.
Limits of liability are up to $300,000; $10,000 for costs of regaining goodwill, market share, profit or redesign. Defense costs are in addition to the limits. Coverage may not be available in all states and is subject to the language of policies as issued.
Chubb is the world's largest publicly traded property and casualty insurer. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is distinguished by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, underwriting excellence, superior claims handling expertise and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: new.chubb.com.