Product recall and product tampering insurance
Technical, legal and social changes particularly in the area of consumer goods result in broader and new demand for security among manufacturers, importers and distributors of such products.
Since the 1950s, public attention has increasingly focused on extrinsic hazards created by products of growing technical complexity found in everyday life. Due to the increasing endangerment to life and limb, consumer protection has become a topic of heated debate in connection with the new concept of product liability. The call for consumer protection against injury or the impairment of health due to defective products has led to specific product liability laws in conjunction with the introduction of strict liability standards for product manufacturers and distributors. This has given rise to new sources of hazards for companies which soon became the focal point not only of spectacular court cases, but also in the rapidly growing demand for corresponding insurance protection.
Product liability and its insurance have undergone tremendous escalation. It is imperative, therefore, to offer companies commensurate, additional cover in the form of produce recall and product tampering insurance.
This publication provides insurers and entrepreneurs with some insight into the present legal situation and the design of appropriate insurance protection.
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