Market Insights

Need for Product Recall Insurance Increases as FDA Budget Expands

2022 is shaping up to be one of the most active years for product recalls in the last decade. The FDA is looking to increase its funding in 2023 to protect consumers. This article will discuss new initiatives and rules from the FDA and how you can help your clients that operate in any stage of the food production or distribution supply chain protect themselves from potentially catastrophic product recall losses.

What Product Recall Insurance and Risk Mitigation Plan Is Right for Your Clients?

Product recalls are one of the most damaging events a business may encounter. In order to effectively respond to an incident, companies must be prepared with proper risk management strategies. As policy wording varies, it's also critical to ensure your clients have the right policy type in place to appropriately address their first- and third-party exposures.

Navigating the Casualty Market’s Response to COVID-19

The Casualty market’s response to COVID-19 is continuously evolving. With a wide array of factors already impacting this sector pre-crisis, segments of the Casualty marketplace are responding to the pandemic differently. In this article, our industry specialists share overall themes in the Casualty market and take a closer look at how various segments are being impacted.

Understanding the FDA’s Mandated Recall Authority and Insurance Implications

In November 2018, the FDA released new guidance on how and why it will utilize its statutory power to mandate recalls under the Food Safety Modernization Act (FSMA). To adapt to the new requirements, companies face a financial burden related to improving technology and allocating appropriate labor. This article provides insight into the FSMA and the importance of an insurance policy that responds to government intervention and mandated recalls.

Whole Genome Sequencing and the Increase in Food Contamination Recalls

The number of food contamination recalls continues to grow at a record-setting pace. In large part, the exponential increase in food recalls is a result of government regulatory bodies’ growing use of Whole Genome Sequencing (WGS) to identify the source of the contaminants. This article discusses the revolutionary impact of WGS on the food production industry.

Case Study: Ingredient Manufacturers and Their Product Recall Insurance Risk

Ingredient manufacturers sell their product to other manufacturers who use it to make other products, some of which are ingredients themselves. This positions ingredient manufacturers uniquely in the event of a recall, since they may need to indemnify large financial losses sustained by multiple third parties. 