Your company has had to issue a food recall. Hundreds of thousands of products must be disposed of and there’s the potential that consumers are sick from the contaminated product. Is your company covered for the financial losses and potential liability? The issue of market specialized insurance policies to cover food manufacturers was recently taken on in this blog post by Lara Degenhart Cassidy, Linda Powell and Lorelie Masters of Perkins Coie.
“Because food contamination and recall policies are not standardized, it is crucial for companies to identify their primary risks and then to negotiate broad coverage terms aimed at covering those risks,” they advise. The policies could cover the reasonable costs incurred to examine a product for contamination, pull products from the shelves, destroy them safely and reimburse distributors and retailers, among other things.
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