Contaminated Product Insurance (CPI)
Contamination incidents can severely damage a company's brand reputation and erode consumer trust. With CPI insurance in place, you can implement swift and effective recall measures to minimize the impact on your brand image and demonstrate your commitment to product safety and quality.
Contaminated Product Insurance (CPI) is a specialized type of insurance that provides coverage in the event that your products become contaminated, leading to financial losses, legal liabilities, and damage to your reputation. The coverages of Contaminated Product Insurance typically include:
Product recall expenses: CPI helps cover the costs associated with recalling contaminated products from the market, including transportation, storage, destruction, and disposal expenses.
Business interruption: CPI provides coverage for loss of income resulting from the suspension of business operations due to a contamination event. This can help companies cover ongoing expenses and mitigate financial losses during the interruption period.
Liability protection: CPI can also offer coverage for legal expenses and settlements in the event that third parties suffer harm or damages as a result of consuming or using contaminated products.
Crisis management: CPI may cover the costs associated with crisis management services, including public relations, communication with stakeholders, and reputation management to help companies navigate the aftermath of a contamination incident.
Several underwriting factors can affect the insurance
premium for Contaminated Product Insurance, including:
Industry and product type: The type of industry and products involved can influence the risk of contamination and the likelihood of a claim, which in turn impacts the premium.
Risk management practices: Insurers may consider the company's risk management protocols, quality control measures, and compliance with regulations when determining the premium.
Coverage limits and deductibles: The level of coverage and deductibles chosen by the insured can also influence the premium amount, with higher coverage limits and lower deductibles typically resulting in higher premiums.
We can leverage our expertise and market knowledge to advise you on the best insurance solutions available and help them make informed decisions.
Our strength is our expertise in identifying, analyzing, negotiating and managing the following financial lines and special insurance products:
- Cash & Valuables in Transit
- Component Part Product Recall
- Contaminated Product Insurance (CPI)
- Crime Insurance
- Crop & Livestock
- Cyber Liability
- Directors & Officers Liability
- Environmental Liability
- Event Cancellation
- Fine Art and Collectibles
- Investment Manager Professional Indemnity (IMPI)
- Jewellers Block
- Kidnap and Ransom
- Manufacturers Errors and Omissions (E&O)
- Medical Malpractice
- Product Liability
- Professional Indemnity
- Single Project Professional Indemnity
- Terrorism & Political Violence
- Trade Credit
Contact AMG
We provide risk management, risk consulting, insurance broking, insurance program management and claims advocacy services.