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 AIG Australia > For Businesses > Liabilities > Crisis Management > Contaminated Products
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What is it?
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CPI provides protection for organisations and their products against the risks of
accidental contamination, malicious product tampering and product extortion. Significant
costs can be incurred as a result of an above event and the policy extends to provide
cover for recall costs, consultants costs, rehabilitation, loss of gross profit,
value of product and extortion monies.
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Why do you need it?
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Well over 100 cases of accidental contamination leading to a product recall have
occurred in 2004/5 in the Australian food and beverage industry (with many more
incidents unreported when discovery of a contaminant occurs prior to transfer).
Such incidents are increasingly common and when they occur attract media interest,
which can have a disastrous impact on the public's confidence in the company and
their product, both affected and unaffected. Considerable costs can be incurred
in both recalling and replacing the damaged product, rebuilding public confidence
and the loss of profits that follow on.
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Who needs it?
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CPI is available for clients within the industries of food, beverage, cosmetics
and pharmaceuticals, and can include manufacturers, importers, exporters, distributors
and retailers. Small to medium sized organisations particularly benefit from CPI,
especially when considering the fact that retailer charges alone for a national
product recall can exceed A$ 100,000.
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Why use AIG Australia ?
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CPI has many outstanding features including,
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- Variations of cover include Contaminated Wine Insurance (CWI), a new product uniquely
tailored for the Australian wine industry, and Malicious Product Tamper (MPT) which
is CPI without the insured event of accidental contamination
- Cover extends far beyond traditional product recall policies, which tend to cover
only recall costs and consultants costs
- Market leader with over 20 years experience in risks of this nature
- The only local insurer to offer such specialised cover. Clients have access to
local consultants and experienced claims personnel, crucial when considering the
first 24 hours of a crisis are the most critical
- Available as a stand alone policy, although there are many advantages when partnering
these products with AIG Primary Liability
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Find out more
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Contact us
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