Description

Insurance coverage

• Free 24/7 crisis helpline for Policyholders provided by ‚Lloyd‘s‘ professionals.
• Product manufacturer and partner recall expenses (product return, transportation, replacing, administrating, liquidating costs).
• Insured‘s loss of gross profit
• Third Party loss of profit
• Brand rehabilitation costs
• Retailer‘s expenses

Claim examples

• Traces of salmonella have been found in snack manufacturer‘s products.
• Product investigation/tests, transportation, liquidating, administrating costs and lost profit made EUR 1,000,000.
• Due to the event third party loss made EUR 700,500. Manufacturer‘s loss made EUR 1,700,500.
• Product investigation, transportation, liquidating and administrating costs and lost profit made EUR 900,000.
• Third Party had a loss of EUR 300,000.
• Total amount of loss – EUR 1,200,000
• Canned food product manufacturer experienced a product recall due to improper packaging of the product.
• Investigation, product liquidation, packaging replacing, return to the store, administrating costs and lost profit made EUR 1,800,000.
• Third Party loss – EUR 760,000. Total amount of loss – EUR 2,560,000.