Welcome to BluNiche UK, the only pure-play regional product recall MGA. We deliver niche, bespoke, and specialty Product Recall insurance coverages to UK business.
BluNiche UK, led by specialist, market-leading underwriter Ed Mitchell, brings new Product Recall insurance options for UK domiciled companies.
What is Product Recall Insurance?
Product Recall Insurance covers financial losses associated with the recall of a product due to it being defective. Product Recall policies are designed to cover a range of exposures and losses based on the Insured industry sector – from Product Contamination coverage for food and beverage businesses to Product Safety and Guarantee coverage for automotive component companies.
Coverage under Product Recall policies extends far beyond the costs of the recall itself, typically also including the cost to destroy, re-work or replace products as well as offering balance sheet protection through loss of profit, extra expense and third party financial loss. Product Recall policies offer coverage for both first and third party exposures.
BluNiche UK’s Product Recall policies also provide access to expert consultants to help Insureds to both manage their risk and provice crisis response for loss and reputation mitigation in a claim situation.
Why is Product Recall insurance necessary?
Product recalls costs are not covered as standard under Product Liability policies – that’s a common misunderstanding. Product Recall policies have evolved to plug this gap in coverage.
When they happen product recalls can be very costly, especially when compared to typical bodily injury awards that Product Liability policies pay for.
Unlike Product Liability policies, Product Recall policies are specifically designed to cover the unique exposures and financial consequences arising from events like product defects, contaminations and tamperings. They also provide vital risk management and crisis response services to help mitigate the consequential financial and reputational fall-out.
Product Recall insurance gives businesses along the supply chain – from growers and importers to manufacturers and distributors – critical financial support as well as practical recovery advice in the event of a loss. The insurance is far broader than covering recall costs only, which often make up a relatively small part of the loss. For many companies the biggest balance sheet loss can be caused by the business interruption impact, or from a third party financial loss for which they are liable – both of which BluNiche UK policies cover.
Product Recall insurance is increasingly required under contract yet has historically been cost-prohibitive for many companies which can disrupt their commercial arrangements. BluNiche UK’s policies are available from £5,000 which makes meeting contractual requirements much more achievable.
To learn more about other BluNiche products, visit our group site:
BluNiche-Group.com
Our Company
BluNiche UK is a pure-play UK Product Recall insurance MGA based near Birmingham.
Capacity Limits
BluNiche UK offers limits up to £5 million.
