Product Recall

Product Recall

AIG’s Contaminated Product Insurance (CPI) policy is designed to protect companies against the financial loss caused by a product contamination, whether accidental or malicious. AIG can insure food and beverage industries, including cosmetics and over the counter medications, in the following categories, regardless of their size or annual revenue, provided they meet certain minimum underwriting criteria.

  • Importers
  • Manufacturers
  • Private Label owners
  • Contract Manufacturers
  • Distributors and Retailers

NOVI Product Recall Cost Estimator

Any company that manufactures, imports, or distributes food, beverages or raw materials for these is at risk of a contamination or mislabeling event — which can trigger a product recall.  Although product contaminations occur frequently, the real cost is rarely disclosed by the affected companies. 

AIG has developed NOVI Product Recall Cost Estimator, the first analytic tool that can help companies understand the magnitude of the financial risk posed by a product contamination.

AIG's goal is for NOVISM to provide a confidential, objective and accurate reading of the product recall risk, allowing companies to:

  • Better understand potential recall exposure;
  • Determine the split between the amount of product recall exposure retained on the balance sheet vs. the risk transferred via insurance;
  • Better manage third party volumes or contractual indemnity provisions, by measuring the recall risk at the supplier or contract manufacturer level.

As the inventors of the CPI policy, with over 25 years’ experience, AIG has the expertise to help you better understand your risk, manage exposures, and make decisions to prevent future contaminations and recalls from occurring.

Local expertise

AIG has the largest specialized CPI underwriting team in the world, combining global expertise with a local perspective on the risks facing the food and beverage industry. AIG offers world class coverage delivered in local language forms, adapted to each market.

Dedicated claims team

AIG has outstanding underwriting expertise, best in class loss prevention, and a highly experienced, dedicated claims team.

Exclusive best in class crisis management support

AIG clients have 24/7 exclusive access to a worldwide network of top class crisis management consultants. AIG clients have direct access to leading food safety, security and public relations consultants to help them make the best decision in managing a contamination event.

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