Getting the Most Out of Product Recall Insurance

Product recall insurance policies, like a lot of insurance products through the years, have seen their ups and downs. Businesses that could benefit from this particular insurance product the most, such as pharmaceutical companies and toy makers, are often hard-pressed to purchase product recall policies on favorable terms, for a number of reasons. As with any type of insurance, moreover, the most sizeable claims are often contested. To minimize that possibility—or to strengthen one’s hand if a coverage dispute does arise—policyholders should be aware of certain issues both at point of sale and at point of claim.