Consulting editor(s): Mark Kendall and Jason McNerlin - Sedgwick Detert Moran & Arnold LLP
Publication date: Dec 2012
There is no doubt that this is and will be essential reading for anyone involved in the management or insurance of product risks, be that risk manager, underwriter or claims manager.
In recent years a number of global brands in the automotive, food, toy and consumer goods sectors have suffered following (badly handled) product recalls. Their brands have been damaged and they have suffered significant loss of revenue and market share.
In an age when images of defective products spread around the globe in minutes, it is more important than ever for producers to be aware of their legal obligations when recalling products. It is also imperative that they have crisis management processes in place before a recall is initiated, if they are to avoid the common pitfalls. The possible criminal prosecution of directors who fail to meet their obligations adds intensity to the boardroom focus on this area.
The often significant costs associated with recalls have led to the growth of insurance as a means of transferring the risk.
Across jurisdictions, there are significant differences in the law and practice relating to product safety regulation, recall and liability. This is reflected in the different forms of insurance available for the range of exposures that can arise from products. Featuring chapters from Uría Menéndez, Norton Rose and Minter Ellison, this first edition covers key issues that can arise in relation to product regulation, recall, liability and insurance coverage in a number of jurisdictions in Europe, North America, South America and Asia.
Whether you are a director or risk manager of a producer, distributor or retailer of products, or a lawyer or insurance professional, this guide is an essential tool. It is unique in detailing the different recall obligations and underlying liability issues of companies in jurisdictions around the world, as well as analysing the different insurance covers available for the sector-specific range of product exposures.