Beazley is launching a new product recall insurance policy for private enterprises in the United States. Erie Insurance is adding gift card and gift certificate reimbursement coverage to the company’s ErieSecure Home policies, due to pandemic-related changes affecting U.S. businesses.
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Specialist insurer Beazley is launching a new product recall insurance policy for private enterprises in the United States.
Beazley Product Recall will be available to U.S.-domiciled companies and cover a range of risks from the small to large, with a primary focus on risks with up to $100 million in revenue.
Beazley will offer the new product recall insurance as a standalone product and as a complement to existing specialty lines products such as BioSecure, Beazley’s innovative offering to the life sciences industry.
The company also hired a team, based in Farmington, Conn., to handle the line, including the product lead, Florian Beerli, as well as underwriters Angela Ives, Jae Pak and Alex Marti.
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Erie Insurance is adding gift card and gift certificate reimbursement coverage to the company’s ErieSecure Home policies, due to the recent changes affecting businesses across the U.S.
The additional feature, included at no additional cost, would reimburse customers for remaining balances on eligible gift cards that can no longer be used at independently owned and operated local businesses due to business closures.
Coverage provides reimbursement for up to $250 per gift card purchased at businesses within 100 miles of the customer’s residence if the business permanently closes within a year after the purchase of the gift card. There is no requirement that the business be insured by Erie. The local business must not employ more than 100 full-time employees. Reimbursement coverage is limited to $500 per policy period.
The coverage will automatically be added to new and existing homeowners, condo and renters policies effective May 1, 2020, in Illinois, Indiana, Maryland, Pennsylvania, Tennessee, Virginia and Wisconsin. Coverage will be effective on June 1, 2020, in Kentucky and West Virginia. Erie Insurance is currently working with additional insurance departments to gain approval in the remaining states across Erie’s footprint.
While the additional protection was introduced to help promote buying new gift cards to help small businesses with their cash flows during the coronavirus challenges, it is not a temporary addition and will become part of Erie’s base ErieSecure Home insurance policies.
Sources: Beazley and Erie Insurance