Tougher regulation has made product recall rife. Even as regulators wield higher fines, many consumer-facing industries – food and drink to pharmaceutical, as well as consumer goods and automotive – often overlook recall insurance.

PRODUCTS AND SERVICES

Product Recall

Providing you with the right insurance coverage

Helping to protect your balance sheet and reputation

Tougher regulation has made product recall rife. Even as regulators wield higher fines, many consumer-facing industries – food and drink to pharmaceutical, as well as consumer goods and automotive – often overlook recall insurance. Some businesses only focus on the cost to retrieve the products, which can be as little as 5% of the overall expense, or think they can recover costs under another insurance policy and then find they can’t.

In a recall situation, there is more at stake than just the cost of recalling the product such as the loss of gross profit because the products can’t be sold. There’s also the cost of campaigns such as special offers to restore sales after a recall as well as the cost of crisis consultancy to rebuild consumer confidence. With the right insurance coverage though, you can protect your balance sheet and your reputation.

We enable you to pre-empt sector-specific risks and prepare for what is a complex claims process by, for example, recording your accounting data in a format that can show you’ve suffered a financial loss. We can also review contracts from your clients to make sure your insurance policy covers your obligations to them.

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Operating out of Johannesburg, our core team of 40 specialists falls under Lockton Overseas Limited, the London-based arm of the business, and provides the spectrum of risk management, advisory and insurance services.

Lockton South Africa Brochure
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Contact us

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Seamus Casserly

CEO
seamusc@lockton.com
+27 11 510 1303

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Derick Attree

CEO
DerickA@lockton.com
+27 11 510 1304

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Anton Mol

Director & CCO 
AntonM@lockton.com
+27 10 020 8245

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We bring creative thinking and an entrepreneurial spirit to the insurance business and are uniquely positioned to help you succeed.

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Uncommonly Independent

We bring creative thinking and an entrepreneurial spirit to the insurance business and are uniquely positioned to help you succeed.

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