As product recalls become more frequent and extensive, manufacturers of all sizes are taking notice. While The Hanover has offered product withdrawal coverage for many years, a recent product expansion adds liability and additional expenses.
Food recalls per year in the U.S. have almost doubled since 2002, and 2015 marked a record year for auto recalls, according to recent studies—but what’s driving the trend?
Discontinued products that remain in the stream of commerce can still cause injury or damage. And unless your clients still have a product liability policy in place when the injury or damage actually occurs, they won’t have coverage.
Like most commercial lines, the product liability insurance market is competitive this year. But it’s not just soft pricing changing the game. Here are four facts about product liability that may surprise you and your commercial clients.
Self-proclaimed “coverage geek” Kent Anthony knows product liability insurance is vital for a wide range of clients—and makes it a personal goal to fully understand the unique exposures of each.