Product Recall Exclusion
Definition of "Product recall exclusion"
Exception in general liability policies for all expenses associated with product recall. In recent years, there have been increasing instances of federal recalls. In addition, there have been many instances of deliberate tampering and of manufacturers issuing their own recalls. In either event, the cost of identifying the products, communicating with consumers, inspecting the returned products, and repairing or replacing them can be enormous. These costs are excluded from general liability policies, but product recall insurance can be purchased for this purpose.
Popular Insurance Terms
Decision in the absence of a plaintiff or defendant at the specified court time. ...
Sum received by an insurance company at the sale of its stock. This capital represents the interest of the stockholders in the company. ...
What is SSDI? It is a form of financial aid for people living with a disability that impacts their quality of life. As one of the largest Federal programs designed to provide assistance to ...
Disciplined approach to managing an insurance company's bond portfolio duration. When interest rates rise, the average maturity and duration of the bond portfolio is lengthened, resulting ...
Salaries plus commissions plus overhead expenses plus office rent plus fees charged for memberships in industry associations and bureaus plus guaranty association assessments plus taxes ...
Coverage to protect employers from losses due to labor disruptions. The ocean marine policy exempts losses caused by strikes, riots, and civil commotion. Special coverage is necessary. ...
Authorization to borrow from the U.S. Treasury by the issuance of notes to the Treasury. The Secretary of the Treasury must approve the notes and their interest rates. The PBGC must be self ...
Modifications of the single premium deffered annuity, which usually guarantees at a minimum a return of a stipulated amount (usually at least 90% of the single premium accumulated at the ...
Type of court bond filed on behalf of the defendant and used to release assets to him or her that have been attached pending a court decision. ...
Have a question or comment?
We're here to help.