Contaminated Product Insurance
Food, drink, cosmetics, pharmaceuticals and tobacco products are susceptible to contamination, both accidental and by deliberate interference through malice for political or financial gain. Such incidents are increasingly common and, when they occur, attract media interest which can have a disastrous impact on the public’s confidence in the affected product. Considerable cost can be incurred in both recalling and replacing the damaged product as well as in rebuilding public confidence. Our JV partner, AIG is the leader in the US market for Contaminated Product Insurance.
What is unique about Tata AIG Contaminated Product Insurance?
- Coverage includes recall costs, loss in profits and rehabilitation costs following either accidental or malicious contamination.
- It also provides crisis management planning and loss prevention services through specialist consultants.
What is covered under this Insurance?
- Accidental Contamination,
Any accidental or unintentional contamination, impairment or mislabelling of an insured’s product which occurs during or as a result of its production, preparation, manufacture, packaging or distribution; provided that the use or consumption of such product has resulted in or would result in a manifestation of bodily injury, sickness, disease or death of any person within 120 days after consumption or use.
- Malicious Tampering
Any actual, alleged or threatened, intentional, malicious and wrongful alteration or contamination of the insured’s product so as to render it unfit for use or consumption or to create such impression to the public, whether caused by employees or not.
- Cover includes
- Business interruption (loss of gross profit)
- Recall costs
- Rehabilitation Expenses
- Consultancy costs
- Extortion Costs
- Product Tamper Extortion of the insured’s products.
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