AIG provides for low-cost imports crises
AIG Australia is offering a new type of insurance to cover the risk from companies importing potentially contaminated goods from overseas.
The contaminated products or first party product recall insurance is available to any manufacturer, importer, distributor or retailer who imports finished or component goods or manufactures in low-cost environments such as China and India.
AIG says any company involved in a recall risks loss of revenue and reputation. The insurance covers the client in the event of such a loss.
The policies cover defect, accidental contamination, malicious product tamper, product extortion and government recall and losses due to recall costs, replacement costs and loss of gross profit among others.
AIG says rates charged will be significantly lower than the standard market rates because of an exclusive relationship with consultants RQA Asia-Pacific.
The contaminated products or first party product recall insurance is available to any manufacturer, importer, distributor or retailer who imports finished or component goods or manufactures in low-cost environments such as China and India.
AIG says any company involved in a recall risks loss of revenue and reputation. The insurance covers the client in the event of such a loss.
The policies cover defect, accidental contamination, malicious product tamper, product extortion and government recall and losses due to recall costs, replacement costs and loss of gross profit among others.
AIG says rates charged will be significantly lower than the standard market rates because of an exclusive relationship with consultants RQA Asia-Pacific.