CFC launches new insurance suite for product recall market

Specialist lines underwriting agency CFC Underwriting has launched a new suite of product recall products, available globally, to help enhance insureds’ protection, including from events related to hacking and electronic attack.

The suite is aimed at industries ranging from food and beverage to automotive component parts and consumer product industries, notes a statement from London, U.K.-based CFC Underwriting, a Lloyd’s managing general agent specializing in developing and distributing insurance products for specific niche markets, with clients in almost 70 countries and backed by more than 30 Lloyd’s Syndicates.

In response to the emerging risks faced by today’s modern businesses, CFC reports, some innovative features of the product suite include “cover against recall events stemming from the hacking of automotive products, malicious product tampering caused by an electronic attack and failure of food and beverage products to meet religious specifications.”

In addition, “insureds will also benefit from access to CFC’s diverse range of crisis consultants available to provide specialist support depending on the individual recall situation,” the statement adds.

“Current products are often unclear and fail to address the issues faced in today’s modern manufacturing and distribution businesses,” says Natasha Catchpole, crisis management practice leader for CFC. Catchpoles suggests that it is a suite that can “really advance the market,” and one she is “looking forward to sharing them with our partner brokers.”