PRODUCTS RECALL ISSUESFACING MANUFACTURERS

Around the world, manufacturers (and in some cases, distributors) of food, beverage and other products are exposed to claims from persons injured by the consumption and/or use of their products.

Products Liability Insurance will cover the direct costs

and damages awarded from these incidents, however if

it becomes apparent that defective products are already

on the market, immediate and extensive efforts must

be made in order to retrieve the products in order to

minimise injury to the public, to conform to legal

requirements, and to preserve the brand equity of the

product. These costs are outside the standard Products

Liability cover.

Compounding this, in some cases, products are shipped

outside of the manufacturers’ authorised channels, and

thus the manufacturer may be legally exposed in coun-

tries whose laws it has not even taken into account.

The costs to retrieve these goods can be considerable,

and a failure to deal with the matter effectively and

quickly can mean the difference between staying in

business and having to cease operations.

Products may be defective either due to errors in manu-

facture or due to accidental contamination or malicious

product tampering. In addition, the manufacturer is

exposed to persons using their brands as a shield for

illicit materials and to direct extortion attempts by

persons threatening to taint their products unless

monies are paid.

The significant financial effects of a Products Recall can be managed cost-effectively, ensuring business continuity and brand security.

WHENMonday 22nd September, 20148.00 a.m. to 11.00 a.m. Grande Riviere RoomsCourtyard by MarriottPort-of-Spain.

COSTMembers of the TTMA: $230 VAT inclusive, Non-members $330 VAT inclusive

REGISTERPlease contact Ms. Sara Cross,

675-8862 ext 242

or email communication@ttma.com

Limited seating will be available.

Products Recall insurance addresses these issues,

and is available at Lloyd’s of London, covering:

• Contamination – unintentional contamination of

product which requires recall of product.

• Malicious Product Tampering (MPT) – whether

threatened or in fact carried out.

• Extortion by third parties, related to a MPT

threat.

• Reputational risk, as a result of a perceived or

actual problem.

Understanding the exposures your Company is facing is a vital first step in managing your risk expo-sures and to taking the necessary precautions to avoid a loss in the first place, and to mitigate those losses that do occur.

In partnership with the TTMA, PRFC Limited and Prospect Insurance Brokers (UK) will be hosting an informative breakfast seminar on this most important topic, featuring a Senior Underwriter from Ark Syndicate Management at Lloyd’s of London, a leading worldwide Insurer on this type of exposure.

The seminar will offer local manufacturers a deep insight into past cases of products recall, what the operational

effects are on the companies involved, and the end results they faced. Details of the cover that is available will also

be discussed, along with advice on the appropriate Risk Management techniques manufacturers can take to ensure

the continuity of their businesses.

Who Should AttendOwners and senior operational and/or financial management personnel of manufacturers whose products may in the

future be the subject of a recall order.

PRFCLIMITED.COM PROSPECTBROKERS.COM ARKUNDERWRITING.COM TTMA.COM