Ironshore Joins Rivals in Food Recall Product Contamination Insurance Space

April 27, 2016

Food safety word cloud concept. Vector illustration

An Ironshore division has started offering product contamination recall coverage focused on food and beverage industry-related risks. It won’t be without competition.

The company’s Pembroke Managing Agency Ltd. will offer protection for incident response expenses connected to product withdrawal, communication and rehabilitation costs on a first and third party basis. Also, business interruption coverage for gross income loss is available for up to 12 months after the triggering incident.

Ironshore said that it is unveiling the coverage in response to increasing numbers of food and beverage-related product recalls, which are averaging 25-30 incidents per week around the world. As the company noted, human error, malicious product tampering and product extortion in the manufacturing and distribution process can be behind the recall.

To be sure, Ironshore will not be alone in the sector.

Among its competitors:

For Ironshore’s new coverage, customers can obtain added coverage that addresses reimbursement of expenses for government recall demand and adverse publicity exposure.

In all, client companies can obtain coverage at pricing minimums of $10,000 per $1 million of coverage, with policy limits of up to $15 million.

Source: Ironshore/Pembroke Managing Agency Ltd.