Archive for March, 2009

Products recall insurance for seafood processors

Friday, March 13th, 2009

You may be aware of recent events in the USA which has produced the biggest ever food recall as a result of Salmonella Contamination at a peanut processing plant.

During the past 60 days there have been over 450 individual recalls by the US Food & Drug Administration which have not all been peanut related. Indeed some of the recalls/alerts have involved fish based products (Tuna & Mackerel).

Whilst Aquarius’s prime focus concerns the insurance of stock whilst being reared for the market we are nevertheless committed to providing the best possible level of service and advice for companies working within the fish/aquaculture industry and Product recall insurance is one such risk that may be of interest to you.

We would be pleased to discuss this insurance product with you which provides protection against the following:

1. Accidental Product Contamination;-

  • An unintentional, inadvertent error ( excluding error in design and specification ) and
  • The introduction of an ingredient or component supplied by a third party that is contaminated or unfit for its intended purpose during manufacture, blending, mixing, compounding, packaging, labelling including the instructions for use, storage or distribution of any Insured Products or storage of the Insured Products whilst in the care or custody of the Insured ( you )

    • 2. Malicious Product Tampering;-

  • The actual or threatened intentional, malicious and illegal alteration or adulteration of the Insured’s Products.

    • 3. Product Extortion Demand;-

  • Threat or connected series of threats received by the Insured to commit Malicious Product Tampering for the purpose of soliciting money, securities or property

    • Whilst we sincerely hope you will never have a Product recall this eventuality could conceivably have a significant financial impact into your business which the above policy could eradicate.

    We appreciate that any insurance costs naturally impact on your profitability however this insurance will protect the assets and capital of your company should the worse happen as has been evidenced by recent events in the USA.

    We are therefore at your disposal should you wish to discuss this aspect further.

    Tim Sangster

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