The response to any allegation of defect with a product is crucial. Whether you are the designer, manufacturer or supplier there are regulatory, commercial and liability considerations. Incorrect procedures, advice and practise can damage brand reputation and lead to significant loss of profit and market share.
In-house management by way of non-conformance investigation and analysis has high importance but it is also essential to have crisis management capability, usually from external PR agencies.
To ensure policy compliance and no conflicting interests with the product liability issues specialist Loss Adjusters can be pre-appointed or nominated to assist in the recall process and manage the insurance considerations.
This work can involve:
- Examination of the technical aspects of product design and manufacture to ensure a robust solution is found to the defect and sufficient replacement supplies are delivered to help retain the customer base
- Investigation into the root of causation and possible subrogation
- Appraisal of the business, its commercial relationships, duties owed and position in the market for that product, the detail of the distribution and sales chain and the full extent of necessary recall
- Analysis of the financial costs relating to the recall, any loss of profits and additional costs incurred, matching of these to policy coverage and the early identification of uninsured aspects
- Loss mitigation, management of the recall process and keeping the Insured focussed
- Settlement assessment and negotiations
- Risk management evaluations to optimise procedures and prevent further loss
At Adjusting Solutions we specialise in product recall claims for all types of business and industry and in the various sectors of the supply chain through to end consumer. As adjusters we are experienced in extracting and assimilating the salient information, relating to all parties, analysing costs to coverage and developing rational solutions.
The benefits to you are:
- Adjusters dedicated to product recall claims and experienced across the range of industries and business sectors
- A bridge to the “gap” between crisis management advice and a practical understanding of policy coverage and the relation to product liability issues
- Ability to relate to key decision makers and to understand and direct business considerations to the benefit of the claim
- Detailed investigations into causation, subrogation and extent of necessary recall
- Costs and financial loss verification allied to policy settlement negotiation
- Risk management evaluations to prevent further loss
