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Demand for product recall insurance spikes as businesses race to secure comprehensive cover

Our Contaminated Product and Recall Insurance expert, Catia Folgore sheds light on how potential recall of products can send a business into serious financial distress and the need for specialty cover.

South African companies particularly those in the manufacture of consumables are fast warming up to the need for comprehensive cover as potential recall of products from the shelves can send a business into serious financial distress, says Catia Folgore, senior underwriter at specialist niche insurer iTOO Special Risks.

Folgore says the changing operating environment in South Africa including the introduction of Consumer Protection Act has increased the need for better quality products as well as cover for potential product defects.

Read the full article on FANews.
There article also features on Business Report.

 

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