Our Complimentary Product Recall Cost Estimator ToolCalculate your Risk Now
Comprehensive, innovative risk solutions and services for product recall exposures.
The number and magnitude of product recalls has increased significantly in recent years. On average, nearly 10 product recalls occur every week in Australia. Yet, many food and beverage companies are uninsured or underinsured for product contamination or mislabeling, which are the most common triggers for a recall.
The direct costs of recalling a product are often only a fraction of the true cost to the business. Our protection goes well beyond meeting the conventional recall charge, and can be tailored to the unique needs of your business.
Our customers can access pre-loss consulting services with NSF International to identify risks and reduce the chance that your products could be contaminated. They can also review your product recall plans and simulate a recall, ensuring that you are fully prepared for the worst- case scenario.
We partner with food safety and crisis management specialists NSF International. NSF provides expert advice to seek to mitigate the impact of a contamination, to bring the situation under control quickly and effectively, and help protect company profits and reputation.
AIG has provided contaminated product insurance to Australasian businesses since 1986 and to companies around the world for nearly 40 years. Our global experience and expertise, together with strong relationships with market-leading independent adjusters, forensic accountants and coverage counsels, ensure innovative solutions and tools for our customers.
Cover is designed for manufacturers, producers, suppliers and retailers of foods, pharmaceuticals, cosmetics, or consumer goods.
NOVISM estimates the financial impact of a product recall caused by an accidental food or beverage product contamination. We help you better understand your risk, so you can make better decisions to protect your customers, your supply chain, and your bottom line.
Your confidential NOVISM Estimate is the largest probable loss you may face in the event of an accidental product contamination that occurs during production at the plant level. In insurance terms, the NOVISM Estimate is also known as a Probable Maximum Recall Loss. It includes the value of contaminated products, recall expenses, destruction costs and lost profit associated with the contaminated products.
Our estimate is based on an extensive analysis of thousands of recall incidents, insight from over 25 years of interaction with food and beverage manufacturers worldwide, and input from leading food safety consulting companies.
Our goal is for NOVISM to provide a confidential, objective and accurate reading of the product recall risk, allowing companies to:
The financial and management implications of incidents and subsequent litigation means expert preventative and incident management advice is essential. Our consultants help customers to streamline their crisis management and product recall plans, ensuring effective preparedness and significantly reducing the impact of a crisis.
NSF International (NSF)
Through our crisis management solutions AIG customers can access NSF's network of food safety and crisis management specialists. NSF are crisis management and food safety experts, offering pre-incident and crisis response, product recall, crisis management, food safety services and retrieval services.